Dubai: Saudi Arabia's stock market fell early on Thursday as Brent oil traded below $50 a barrel, once again depressing investor sentiment across the Gulf region.
The main Saudi stock index edged down 0.8 percent.
Heavyweight petrochemicals firm Saudi Basic Industries , down 1.7 percent, was the main drag on the benchmark.
Oil traded near multi-month lows on Thursday as excess supplies and the prospect of further dollar strength weighed on prices. The prices of many petrochemical products are linked to oil.
Banking and consumer blue chips were also soft. Top lender National Commercial Bank fell 1.3 percent and foodmaker Savola Group was down 0.5 percent.
Telecommunications operator Etihad Etisalat (Mobily) fell 1.4 percent. The stock has now plunged 12.4 percent since the firm revised earnings for more than two years and posted a second-quarter loss last week.
