Major Gulf markets ease in early trade; Qatar rises

Most major stock markets were subdued in early trade on Tuesday as oil prices weakened, while Qatar's index was supported by financial shares.

Saudi Arabia's benchmark index slipped 0.1%, with Riyad Bank declining 1.2% and Jabal Omar Development dropping 1.8%.

Oil prices, a key catalyst for Gulf markets, edged down as tighter lockdowns in Europe and an OPEC forecast for a slower recovery in demand next year outweighed relief from the roll-out of COVID-19 vaccines.

Brent crude futures were down 40 cents, or 0.8%, at $49.90 a barrel by 0816 GMT.

Dubai's main shares index lost 0.5%, with its largest lender Emirates NBD Bank falling 0.9% and Emaar Properties losing 1.4%.

Dubai's non-oil private sector shrank for a second consecutive month in November as the pandemic drove business sentiment to an historic low, a survey showed on Monday.

The seasonally adjusted IHS Markit Dubai Purchasing Managers' Index (PMI) declined to 49.0 in November from 49.9 in October, which was just below the 50-mark that separates growth from contraction and snapped a third-quarter growth streak.

In Abu Dhabi, the index eased 0.2%, hit by a 0.8% fall in Abu Dhabi Commercial Bank and a 1% drop in Abu Dhabi Islamic Bank.

The Qatari index added 0.1%, supported by a 1.4% gain in Commercial Bank and a 1.2% rise in Qatar International Islamic Bank.