Major Gulf bourses fall in early trade as oil retreats - Reuters

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Nov 21 (Reuters) - Major stock markets in the Gulf fell in early trade on Monday, with the Saudi index extending losses for the second session in a row, as oil prices tumbled.

Crude prices - a key catalyst for the Gulf's financial markets - slid around $1 a barrel to near two-month lows as supply fears receded, while concerns over fuel demand from China and U.S. dollar strength weighed on prices.

New COVID case numbers in China remained close to April peaks as the country battles outbreaks nationwide and in major cities, prompting officials to ask residents to stay home.

Chinese blue chips (.CSI300) and the broader Asia-Pacific index ex-Japan (.MIAPJ0000PUS) fell more than 1% in early trade.

Gulf indexes fared relatively better.

Saudi Arabia's benchmark index (.TASI) fell 0.4%, hit by a 0.5% drop in Dr Sulaiman Al-Habib Medical Services (4013.SE) and a 0.2% decrease in Al Rajhi Bank (1120.SE).

However, providing some support, Dar Al Arkan Real Estate Development Co (4300.SE) rose 1.8% on signing an agreement with former U.S. President Donald Trump's company to use the Trump Brand for its $4 billion project in the Gulf state of Oman.

Dubai's main share index (.DFMGI) dropped 0.3%, weighed down by a 0.7% fall in sharia-compliant lender Dubai Islamic Bank (DISB.DU).

In Abu Dhabi, the index (.FTFADGI) lost 0.4%, with the country's biggest lender First Abu Dhabi Bank (FAB.AD) losing 0.8%.

The Qatari index (.QSI) declined 1%, with most index constituents in negative territory, including Commercial Bank (COMB.QA), which fell 3.3%.

Reporting by Ateeq Shariff in Bengaluru; Editing by Savio D'Souza

Our Standards: The Thomson Reuters Trust Principles.

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Major Gulf bourses fall in early trade as oil retreats - Reuters
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