Saudi Arabia's stock market had its biggest intraday fall in over a year on Monday as it extended losses from the previous session following drone attacks.

Saudi Arabia's benchmark index fell 2.7%, its biggest intraday fall since Oct. 2020, with Al Rajhi Bank down 4.5% and Saudi National Bank, the kingdom's biggest lender, retreating 3.7%.

Among other losers, Aramco dropped 1.8%.

The oil giant was also under pressure after India's Reliance Industries Ltd said on Friday it had decided with Aramco to reevaluate Aramco's proposed roughly $15 billion investment in Reliance's oil-to-chemicals (O2C) business.

Dubai snaps four-day winning streak; Saudi edges up

However, Nayifat Finance Company, a consumer-focused Islamic finance firm, ended at 35.25 riyals per share, 3.6% above its initial public offering price of 34 riyals.

Dubai's main share index slid 2.6%, weighed down by a 4.3% decline in blue-chip developer Emaar Properties and a 3.5% retreat in Emirates NBD Bank.

The Qatari index fell 0.9%, hit by a 2.8% drop in petrochemical maker Industries Qatar.

Oil prices, a major influence on the Gulf regions' financial markets, fell as rising COVID-19 cases in Europe and a potential release of Japanese oil reserves raised concerns about both oversupply and weak demand.

In Abu Dhabi, the index, edged up 0.1%, helped by an increase in Alpha Dhabi Holding.

Beyond the Gulf, Egypt's blue-chip index gained 0.8%, as most of the stocks on the index rebounded, including top lender Commercial International Bank.

SAUDI ARABIA fell 2.7% to 11,172

ABU DHABI added 0.1% to 8,345

DUBAI down 2.6% to 3,172

QATAR dropped 0.8% to 11,811

EGYPT rose 0.8% to 11,359

BAHRAIN eased 0.4% to 1,788

OMAN down 0.1% to 4,061

KUWAIT lost 0.8% to 7,799