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Gulf equity markets dip as oil price drop dents investor sentiment
Declining oil prices spurred a sell-off in Gulf stock markets, with energy-linked shares dragging broad indices lower across the region.
Most Gulf stock markets closed lower Wednesday as falling crude prices weighed heavily on energy and resource linked shares. In Saudi Arabia, the benchmark index slipped 0.5%, dragged by a sharp fall in key bank stocks. Dubai and Abu Dhabi markets also saw modest declines. Analysts said weakening oil tracking expectations of a full resumption of Russian exports combined with global risk off sentiment ahead of holiday season trading contributed to losses across Gulf equities.