Most Gulf markets drop ahead of OPEC+ meeting; Abu Dhabi gains

A general view shows the Dubai Financial Market after Joe Biden wins U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike/File Photo Acquire Licensing Rights

Nov 29 (Reuters) - Most stock markets in the Gulf were subdued on Wednesday amid volatile oil prices, as investors remained cautious ahead of a crucial OPEC+ meeting to decide output policy in the coming months.

Oil prices - a key catalyst for the Gulf's financial markets - rose 1.2% on Wednesday with Brent trading at $82.69 a barrel by 1340 GMT, as supply disruption caused by a storm in the Black Sea and lower U.S. inventories drove buying.

The OPEC+ group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies is scheduled to meet online on Thursday to decide oil output levels for 2024, according to a draft agenda seen by Reuters on Monday.

The Qatari index (.QSI) was down for a sixth consecutive session and ended 0.2% lower, weighed down by a 1.3% drop in Commercial Bank (COMB.QA) and 1.8% decline in Dukhan Bank (DUBK.QA) .

Dubai's benchmark index (.DFMGI) fell 0.2%, snapping three consecutive sessions of gains, with most sectors in the red.

Emirates Central Cooling Systems Corp (EMPOWER.DU) declined 1.8% and Emirate's largest lender Emirates NBD (ENBD.DU) lost 0.7%.

Saudi Arabia's benchmark index (.TASI) gained marginally, with Etihad Atheeb Telecom (7040.SE) rising 1.3% and Saudi Pharmaceutical Industries and Medical Appliances Corporation (2070.SE) surging 8.3%.

However, Lumi Rental (4262.SE) and Elm Company (7203.SE) dropped 3.2% and 1.2%, respectively.

In Abu Dhabi, the benchmark index (.FTFADGI) was up for a second consecutive session, ending 0.1% higher, helped by a 2.5% surge in conglomerate Alpha Dhabi (ALPHADHABI.AD) and 1.9% gain in Abu Dhabi National Oil Co for Distribution (ADNOCDIST.AD) .

Outside the Gulf, Egypt's blue-chip index (.EGX30) fell for a second consecutive session and ended 1.4% lower, with all sectors in the red.

Commercial International Bank (COMI.CA) declined 2.7% and Misr Fertilizer (MFPC.CA) slumped 3.6%.

Fertilizers and petrochemicals maker MOPCO reported a decrease in third-quarter consolidated net profit.