Sat. May 25th, 2024

NNA – Most major Gulf stock markets opened higher on Monday, while Saudi Arabia#39;s benchmark index extended its losses as lower oil prices and concerns over U.S. debt ceiling negotiations dampened investor sentiment.

Oil prices mdash; a key catalyst for Gulf#39;s financial markets mdash; slipped on Monday as concerns about demand recovery in China offset support from lower supplies from Canada and OPEC+ producers, with Brent crude futures falling 73 cents, or 0.97%, to $74.85 a barrel by 0634 GMT.

U.S. President Joe Biden and House Republican Speaker Kevin McCarthy will meet to discuss thenbsp;debt ceilingnbsp;later in the day, less than two weeks before the June 1 deadline after which Treasury expects the federal government will struggle to pay its debts.

Saudi Arabia#39;s benchmark stock indexnbsp;(.TASI)nbsp;fell 0.2%, as almost all the sectors slipped, with material and energy stocks leading the losses.

Saudi Arabian Mining Co (Ma#39;aden)nbsp;(1211.SE), the largest miner in the Gulf, fell nearly 3% after reporting over 80% slump in its first-quarter net profit to 419.4 million riyals ($111.84 million) year-on-year.mdash;Reutersnbsp;