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Gulf Stock Exchange inside (File Photo)

Most of the Gulf stock markets closed lower, led by Dubai, on Monday, amid a sharp decline in crude oil prices, which have a strong impact on the economies of the region.

By 12:32 (GMT), Brent crude contracts for November delivery lost $1.69, or 2.24 percent, to trade at $73.65 a barrel.

And US West Texas Intermediate crude contracts for November delivery fell by $1.9, or 2.65 percent, to $69.92 a barrel.

The Saudi market index fell by 0.61 percent to 11328.3 points, driven especially by the losses of most bank shares, led by “Al-Rajhi” and “Al-Ahly”, down by 0.49 percent and 0.82 percent, respectively.

In the UAE, the Dubai Stock Exchange index fell by 1.17 percent to 2872 points, as most shares fell, except for two shares only, and losses were led by the National Industries share, down by 9.28 percent.

The Abu Dhabi market index fell by 0.8 percent to 7,745.7 points, and the losses were led by the Sharjah Group, down by 9.81 percent, and the shares of “TAQA” and “First Abu Dhabi Bank” fell by 2.34 percent and one percent, respectively.

The Qatar Stock Exchange index fell by 0.41 percent to 11,178.07 points, and the shares of petrochemical producers “Mesaieed” and “Industries Qatar” led losses by 2.72% and 0.51 percent, respectively.

In Kuwait, the first index settled with a slight tendency to decline by 0.01 percent at 7508.5 points, and the losers were led by the “consumer” share, down by 8.26 percent.

The Muscat Stock Exchange index increased by 0.08 percent to 3945.3 points, and the most prominent gainers were the shares of “Sohar” and “Nizwa” banks, up by 2.2 percent and 1.05 percent, respectively.

The Bahrain index rose 0.21 percent to 1690.15 points, and the gains were led by Bahrain Telecom and Ahli United Bank, up 0.68 percent and 0.55 percent, respectively.

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