Daily Times

Most major Gulf stock markets sank in early trade on Monday as oil prices plummeted, with the Qatari index on track to end a three-session winning streak. Crude prices fell for a second day as disappointing China economic data raised fears about demand in the world’s largest crude importer, while the head of the world’s leading exporter, Saudi Aramco, indicated it was ready to ramp up supply. The Saudi benchmark index fell 0.1pc, with Retal Urban Development Co falling 0.3pc and Banque Saudi Fransi falling 1pc. Among the other losers was Saudi Aramco, which fell 0.3pc despite reporting a significant increase in quarterly profit. The Qatari benchmark fell 1pc, putting an end to a three-session winning run, as the majority of the index’s companies fell, notably Qatar Islamic Bank, which down 2.3pc. Baladna, a dairy company, fell 3.6pc after announcing a sharp drop in first-half net earnings. However, Dubai’s main share index rose 0.1pc, aided by a 0.7pc gain in blue-chip developer Emaar Properties.