Most major stock markets in the Gulf fell in early trade on Monday pressured by falling oil prices and investor caution ahead of developments in U.S.-China trade relations.

Oil prices - a catalyst for the Gulf's financial markets - fell more than $1 a barrel as OPEC+ is set to further speed up oil output hikes, spurring concerns about more supply coming into a market clouded by an uncertain demand outlook.

Saudi Arabia's benchmark index dropped 0.7%, hit by a 1.4% fall in Al Rajhi Bank and a 2.7% decline in ACWA Power Company.

The kingdom's non-oil private sector activity expansion slowed in April as growth in new orders decelerated sharply, even as hiring rates reached their joint-fastest pace in more than a decade, a survey showed on Monday.

Dubai's main share index fell 0.3%, with blue-chip developer Emaar Properties losing 0.4%.

In Abu Dhabi, the index eased 0.1%.

The Qatari index, however, gained 0.2%, helped by a 0.7% rise in the Gulf's biggest lender Qatar National Bank .

U.S. President Donald Trump said on Sunday the U.S. was meeting with many countries including China on trade deals.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Andrew Cawthorne)


Reuters