Most Gulf markets ease as OPEC+ keeps steady policy

Most stock markets in the Gulf fell in early trade on Monday, with the Saudi index leading the losses as OPEC+ kept steady policy amid a weakening economy and the G7's Russian oil price cap.

at a meeting on Sunday as the oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil supply.

OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, angered the United States and other Western nations in October when it agreed to cut output by 2 million barrels per day (bpd), about 2% of world demand, from November until the end of 2023.

Saudi Arabia's benchmark index TASI dropped 1.4%, dragged down by a 1.3% fall in Retal Urban Development Co 4322 and a 1.4% slide in oil giant Saudi Aramco 2222.

State-led IPO programmes in Saudi Arabia, Abu Dhabi and Dubai have helped equity capital markets in the oil-rich Gulf, in sharp contrast to the United States and Europe, where global banks have been trimming headcount in a deal-making drought.

In Abu Dhabi, the index FADGI retreated 0.9%, hit by a 0.6% fall in conglomerate International Holding IHC.

Dubai's main share index DFMGI, which traded after a two session break, rose 0.5%, helped by a 2% rise in sharia-compliant lender Dubai Islamic Bank DIB.

The Qatari index GNRI fell 0.5%, with petrochemical maker Industries Qatar IQCD losing 1.7%.

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