Most major stock markets in the Gulf rose in early trade on Monday, with the Dubai index outperforming the region, although the Abu Dhabi index bucked the trend.

Dubai’s main share index - which traded after a four-session break - gained 1.3%, driven by a 3% jump in blue-chip developer Emaar Properties and a 1.7% increase in Emirates NBD Bank.

Saudi Arabia’s benchmark index added 0.2%, helped by a 0.8% rise in Dr Sulaiman Al-Habib Medical Services.

Major Gulf bourses drop on falling oil prices

Among other gainers, Etihad Etisalat Company advanced 2.4% a day before trading ex-dividend.

In Qatar, the index rose 0.2%, with petrochemical maker Industries Qatar putting on 0.8% and Qatar Gas Transport Nakilat Co climbing 1%.

In Abu Dhabi, the economy of which is mostly reliant on oil, the index traded 0.1% lower as the commodity slipped.

Oil - a key catalyst for the Gulf’s financial market – fell as concerns about a global economic slowdown and possible further interest rate hikes from the U.S. Federal Reserve weighed on prices, offsetting forecasts of tighter supplies and OPEC+ output cuts.