Gulf equities drop in early trade on weaker oil prices

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.

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