Mideast Stocks: Oil price fall hurts major Gulf markets

All Saudi Arabian banks except Al Jazira Bank decline

  
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser

Major Middle Eastern markets ended lower on Monday, after oil prices slid on the possible return of Libyan production and as rising COVID-19 cases around the world stoked demand concerns.

Brent crude was down 99 cents or 2.1% at $42.23 a barrel by 1227 GMT. 

Global oil refiners are cutting fuel production into the autumn as the recovery in demand from the impact of coronavirus has stalled, according to executives, refinery workers and industry analysts. 

Saudi Arabia's benchmark index fell 0.9%, with Al Rajhi Bank losing 0.6%, while Riyad Bank shed 2%.

Dubai's main share index dropped 2.2%, pressured by a 2.8% fall in sharia-compliant lender Dubai Islamic Bank and 3.3% slide in blue-chip developer Emaar Properties.

Lower prices and disruptions to crude exports could impact fiscal balances in countries reliant on oil income.

The Abu Dhabi index declined 1.2%, driven down by a 1.6% drop in the country's largest lender First Abu Dhabi Bank and a 1% decrease in Emirates Telecommunications Group .

In Qatar, the index retreated 1.5%, as all the shares on the index were in negative territory except one. Petrochemical maker Industries Qatar slid 2.2%, while Mesaieed Petrochemical slid 4.6%.

Egypt's blue-chip index slipped 0.5%, pressured by a 4.1% slide in Telecom Egypt and a 4.6% decline in Ibnsina Pharma.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Ramakrishnan M.) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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