DUBAI: Stock markets in the Gulf dropped on Monday, led by the Qatar index, tracking global peers lower as investors look ahead to a key US inflation marker later in the week.

Saudi Arabia’s benchmark index slipped 1.1%, the sharpest intraday fall in nearly two months, with oil giant Saudi Aramco and the kingdom’s largest lender Saudi National Bank sliding 1.1% and 1.4%, respectively.

Among other losers, Riyad Bank slumped 4.9%, the deepest drop in over two month, and Al Rajhi Bank slipped 3.5%, the steepest decline in about two months as both lenders were trading ex-dividend.

The Qatari benchmark index declined 1.2%, the sharpest drop in over a month with all stocks in the red.

Qatar National Bank, the region’s largest lender, slumped 3.3% to 14.2 riyal, hitting its lowest in nearly six years.

In Abu Dhabi, the benchmark index was little changed, with conglomerate International Holding and its unit Multiply shedding 0.1% and 1.3%, respectively, while First Abu Dhabi Bank, the UAE’s largest lender gained 1.5%.