Most Gulf markets rebound; Saudi falls again

Major stock markets in the Gulf mostly rebounded on Sunday, after declining in the previous session, but falling oil prices continued to weigh on Saudi Arabia where the benchmark index extended losses. 

In Abu Dhabi, the index gained 0.6 per cent, with the country's largest lender First Abu Dhabi Bank rising 0.8 per cent and telecoms firm Etisalat advancing 0.9 per cent.

Among other gainers, Abu Dhabi National Oil Company for Distribution climbed 2 per cent following its inclusion in the FTSE Emerging Markets Index.

The changes will be effective from after the close of business on September 17.

Abu Dhabi, the second-most populous emirate in the United Arab Emirates, on Thursday ended a partial lockdown imposed last month as part of efforts to prevent the spread of Covid-19 variants.

The benchmark index in Saudi Arabia, the world's largest oil exporter, fell 0.6 per cent, weighed down by a 0.8 per cent fall in Al Rajhi Bank and a 1.8 per cent drop in Riyad Bank. Elsewhere, Saudi Arabian mall operator Arabian Centres retreated 0.7 per cent after posting a decline in quarterly net profit.

Oil prices closed out their biggest week of losses in more than nine months with another down day on Friday, as investors sold futures in anticipation of weakened fuel demand worldwide due to a surge in Covid-19 cases.