Most Gulf stock markets fell in early trade on Monday, tracking subdued global shares on rate worries, while a tightening lockdown in Shanghai stoked concerns about global economic growth and recession.

Shanghai authorities were tightening the city-wide COVID-19 lockdown they imposed more than a month ago, prolonging into late May an ordeal that China’s capital Beijing was desperate to avoid by turning mass testing into an almost daily routine.

Dubai’s main share index dropped 0.8%, weighed down by a 1.9% fall in blue-chip developer Emaar Properties and a 1% decline in Sharia-compliant lender Dubai Islamic Bank.

In Abu Dhabi, the index eased 0.2%, with the United Arab Emirates’ largest lender First Abu Dhabi Bank dropping 1.4%.

Abu Dhabi bourse dips, Dubai flat

The Qatari index fell 0.3%, hit by a 1.5% drop in petrochemical maker Industries Qatar. Speculation that Russian President Vladimir Putin might declare war on Ukraine in order to call up reserves during his speech at “Victory Day” celebrations also hurt market sentiment.

Putin has so far characterised Russia’s actions in Ukraine as a “special military operation”, not a war.

Bucking the trend, Saudi Arabia’s benchmark index gained 0.7%, on course to extend gains for a third session, with oil giant Saudi Aramco rising 0.4%.

The Kingdom’s non-oil private sector continued to see robust growth in April, albeit at a slower pace than in March as fears over inflation began to weigh on demand, a survey showed on Monday.