Major Gulf bourse in red on falling oil prices

Major stock markets in the Gulf were subdued in early trade on Monday tracking oil prices lower, with the Dubai index on course to snap five sessions of gains, reports Reuters.

Oil prices - a key catalyst for the Gulf's financial markets - extended their decline into a second session after China's second-quarter growth came in weaker than expected, fuelling concern about demand in the world's No. 2 oil consumer, while Libya resumed production during the weekend.

Saudi Arabia's benchmark index fell 0.3 per cent, hit by a 0.4 per cent drop in Al Rajhi Bank and a 1 per cent decrease in Riyad Bank.

The kingdom will continue its cooperation with Japan as a clean hydrogen and recycled carbon fuels provider, state TV reported the Saudi energy minister as saying on Sunday.

However, Almarai Co advanced 2.6 per cent after reporting a rise in quarterly net profit.

Also, the food and beverage company has hired banks to arrange the sale of US dollar-denominated Islamic bonds.

Dubai's main share index eased 0.1 per cent, on course to snap five sessions of gains, with utility firm Dubai Electricity and Water Authority losing 0.7 per cent.

In Abu Dhabi, the index was down 0.1 per cent.