Gulf stocks end lower on weak oil prices; Saudi leads decline

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By Md Manzer Hussain Most Gulf stock markets ended mostly lower on Thursday, led by Saudi Arabia, as oil prices slid more than $2 a barrel after the United States and Iran agreed to hold talks in Oman.Crude prices, a key driver for Gulf financial markets, tumbled 2.2% with Brent trading at $67.93 per barrel by 1300 GMT.builds up forces in the Middle East, and regional players seek to avoid a military confrontation that many fear could escalate into a wider war.Saudi Arabia's benchmark stock index TADAWUL:TASI fell 1.3%, snapping a three-session winning streak, with all constituents in negative territory. Declines were led by materials, IT and real estate. Saudi Arabian Mining TADAWUL:1211 dropped 5.4% and Saudi National Bank TADAWUL:1180, the kingdom's largest lender by assets, slid 2.7%. Bank Albilad TADAWUL:1140 rose 0.8% after posting higher full-year net profit on Wednesday.The Saudi index also logged a weekly loss of 1.8%, as profit-taking set in after three consecutive weekly gains."Market sentiment shifted to a risk-off mode, influenced by the mood in the U.S. and other global markets, as well as a decline in commodities, including oil prices," said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group. "While investors await further fourth-quarter earnings releases to potentially reignite the upward trend, external factors ranging from geopolitics to global market caution have temporarily dampened sentiment," he added.The Qatari benchmark index QSE:GNRI eased 0.3%, with most stocks lower. Qatar National Bank QSE:QNBK , the region's largest lender, fell 0.6% and Gulf International Services QSE:GISS dropped 1.2%.The Abu Dhabi benchmark index ADX:FADGI was marginally higher, as losses in utilities, healthcare and consumer staples outweighed gains elsewhere. National Bank of Umm al-Qaiwain ADX:NBQ rose 3.2% after reporting a 15% increase in full-year net profit, while Abu Dhabi National Energy Company ADX:TAQA fell 1%.Dubai's benchmark stock index DFM:DFMGI extended gains for a fourth straight session, adding 0.1% to 6,675 — a fresh record high since 2006. Emirates NBD DFM:EMIRATESNBD, Dubai's biggest lender, gained 1.5% and Emaar Development DFM:EMAARDEV advanced 2.8%.In separate data, the UAE's non-oil private sector logged the fastest growth in new business in nearly two years in January, driven by a sharp rise in new orders, a survey sh...

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