Most major Gulf stock markets opened higher on Monday, while Saudi Arabia’s benchmark index extended its losses as lower oil prices and concerns over US debt ceiling negotiations dampened investor sentiment.

Oil prices — a key catalyst for Gulf’s financial markets — 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.

US President Joe Biden and House Republican Speaker Kevin McCarthy will meet to discuss the debt ceiling 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’s benchmark stock index fell 0.2%, as almost all the sectors slipped, with material and energy stocks leading the losses.

Saudi Arabian Mining Co (Ma’aden), 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.

The state oil giant and index heavyweight Saudi Aramco was down 0.3%. Dubai’s main share index edged 0.1% higher, following two consecutive sessions of losses, supported by a 1.7% rise in Emirates Central Cooling Systems Corporation and a 0.4% gain in Dubai’s largest lender Emirates NBD Bank.

In Abu Dhabi, the benchmark index rose 0.1%, boosted by a 2.1% jump in Alpha Dhabi Holding and a 0.1% gain in First Abu Dhabi Bank, UAE’s largest lender.

Saudi, Qatari markets little changed

The benchmark stock index in Qatar edged up 0.2%, its second session of gains, as almost all the sectors in the index gained, with Qatar Gas Transport Nakilat climbing 1.1% and heavyweight Commercial Bank advancing 0.3%.