As the market players awaited the results of the US Federal Reserve meeting to see if the central bank adopts a less aggressive stance on rate hikes, the major stock markets in the Gulf sank in early trade on Monday, pulled lower by declining oil prices.

A major driver of the Gulf's financial markets, crude oil prices dropped more than $1 as a result of weaker-than-expected manufacturing activity statistics from China and worries that the country's expanding COVID-19 limitations may reduce demand.

An official study revealed that factory activity in China, the largest petroleum importer in the world, unexpectedly decreased in October as a result of weakening global demand and stringent COVID-19 production limitations.

Saudi Arab Group, the bourse's owner and another operator, was down 0.9% after reporting a decline in quarterly earnings. Dr. Sulaiman Medical Services' 2.9% dip and Rental Urban Development Co.'s 1.2% decline both contributed to a 0.3% decline in Saudi Arabia's benchmark stock index.

On the strength of strong third-quarter earnings, Savola Group increased more than 2%.

The largest lender in the nation, First Abu Dhabi Bank, saw a 0.5% increase, which helped the benchmark stock index in Abu Dhabi inch 0.1% higher.

Following the company's announcement of an increase in third-quarter net earnings, Al Waha Capital rose 8.1%.

 Separately, the United Arab Emirates plans to increase the percentage of clean energy projects in its whole energy mix to 50% by 2050, according to a report published on Sunday by the state news agency WAM.

 Dubai's main share index fell by 0.2% as a result of the leading lender Emirates NBD's 1.1% loss and Dubai Electricity and Water's 0.8% decline.

 Asian stock markets swung upward as hope faded that the US Federal Reserve may adopt a less aggressive posture on rate hikes.

Separately, the United Arab Emirates plans to increase the percentage of clean energy projects in its whole energy mix to 50% by 2050, according to a report published on Sunday by the state news agency WAM. 

Dubai's main share index fell by 0.2% as a result of the leading lender Emirates NBD's 1.1% loss and Dubai Electricity and Water's 0.8% decline.

 Asian stock markets swung upward as hope faded that the US Federal Reserve may adopt a less aggressive posture on rate hikes.