Stock markets in the Gulf dropped in early trade on Wednesday, on falling oil prices as the surge in crude stockpiles in the U.S. weighed on trader sentiment.
Oil prices - a catalyst for the Gulf's financial markets - declined for a second day, after a report that crude stockpiles in the U.S., the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week.
Dubai's benchmark stock index (.DFMGI), opens new tab eased 0.1%, weighed down by losses in finance, real estate and consumer discretionary sectors.
The blue-chip developer Emaar Properties (EMAR.DU), opens new tab slid 0.6% and Dubai Islamic Bank (DISB.DU), opens new tab shed 0.3%, while Dubai Electricity and Water (DEWAA.DU), opens new tab added 0.8%.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was down 0.2%, with Purehealth (PUREHEALTH.AD), opens new tab falling 1.3% and the UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab sliding 1.5%.
The Qatari benchmark index (.QSI), opens new tab eased 0.1%, weighed down by a loss of 0.7% in Baladna (BLDN.QA), opens new tab and a 0.6% dip in Industries Qatar (IQCD.QA), opens new tab.
However, Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender gained 0.2%.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was down 0.1%, weighed down by losses in most sectors with Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, slipping 0.4% and Dr Sulaiman Al Habib Medical (4013.SE), opens new tab dropping 1.9%.
U.S. stocks slipped on Tuesday, giving up modest gains late in the session to send the Dow and S&P 500 to their third straight decline.
Meanwhile, Saudi Arabia's Modern Mills Company (2284.SE), opens new tab surged as much as 30% on its market debut on Wednesday, trading at 62.4 riyals per share, up from an offer price of 48 riyals.
