Most stock markets in the Gulf were subdued on Thursday, extending losses from the previous session after a weak economic forecast for the region.

Economic growth in five countries in the six-member Gulf Cooperation Council (GCC) is forecast to be weaker than expected three months earlier on lower prices of oil, the region’s main export, according to a Reuters poll of economists.

Only Bahrain’s growth rate was upgraded to 3.0% from 2.7% in the previous poll. Average growth across the six GCC economies is forecast to be 1.5% this year, slightly more than half the 2.8% forecast in April.

Most Gulf markets in red on weak economic forecast; Qatar gains

In Abu Dhabi, the index dropped 0.4%, hit by a 1.5% fall in the country’s biggest lender First Abu Dhabi Bank ahead of an earnings announcement.

Dubai’s main share index finished flat towards negative territory a day after snapping eight sessions of gains.

Saudi Arabia’s benchmark index was flat.

However, the Qatari benchmark bucked the trend to close 0.7% higher, with Qatar Islamic Bank gaing 0.7%.

The Qatari stock market extended its gains supported by a strong banking sector, said Ahmed Negm, Head of Market Research MENA at XS.com.

“The main index could also maintain its gains if natural gas prices continue to improve.”

SAUDI ARABIA was flat at 11,756

ABU DHABI fell 0.4% to 9,629

DUBAI was flat at 3,986

QATAR gained 0.7% to 10,118

BAHRAIN dropped 0.5% to 1,977