By Ateeq Shariff
Most stock markets in the Gulf drooped on Wednesday, largely influenced by softer global oil prices.
Oil prices - a catalyst for the Gulf's financial markets - fell nearly 1%, weighed down by oversupply in the market, while expectations that an end to the longest-ever U.S. government shutdown could boost oil demand curbed losses.
Analysts have previously highlighted that crude oversupply is curbing price gains. Earlier this month OPEC+ agreed to a pause in increasing its output in the first quarter of next year, after having unwound its cuts to production since August this year.
Saudi Arabia's benchmark index TADAWUL:TASI fell 0.1%, hit by a 0.9% drop Al Rajhi Bank TADAWUL:1120 and a 1% decline in Saudi Telecom Company TADAWUL:7010.
Dubai's main share index DFM:DFMGI declined 0.5%, dragged down by a 2% slide in toll operator Salik DFM:SALIK and a 1.1% fall in top lender Emirates NBD DFM:EMIRATESNBD.
However, Dubai Electricity and Water Authority DFM:DEWA rose 0.4%, after reporting a rise in quarterly profit.
In Abu Dhabi, the index ADX:FADGI was down 0.4%, with Aldar Properties ADX:ALDAR retreating 1.6%.
On the other hand, Dana Gas ADX:DANA closed 0.7% higher. The energy firm said on Wednesday it had signed a preliminary deal with Syria's state oil company to assess redeveloping natural gas fields crippled in the 13-year civil war that made Syria reliant on imports from Iran.
The Qatari index QSE:GNRI was down 0.2%, with Qatar Islamic Bank QSE:QIBK losing 0.6%.
Outside the Gulf, Egypt's blue-chip index EGX:EGX30 edged 0.1% lower, pulling further back from record highs hit on sunday, with tobacco monopoly Eastern Company EGX:EAST losing 3.5%.
Saudi Arabia
TADAWUL:TASI fell 0.1% to 11,255
Abu Dhabi
ADX:FADGI retreated 0.4% to 9,994
Dubai
DFM:DFMGI lost 0.5% to 6,042
Qatar
QSE:GNRI declined 0.5% to 11,082
Egypt
EGX:EGX30 down 0.1% to 40,229
Bahrain
BAHRAIN:BHBX was flat at 2,075
Oman
(.MSX30) gained 0.5% to 5,720
Kuwait
(.BKP) dropped 0.3% to 9,440