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Gulf stocks may remain under pressure as oil hits fresh lows

Gulf stock markets may remain under selling pressure on Monday after oil hit fresh multi-month lows. Saudi Arabia's Mobily, in particular, may fall as it resumes trading after restating 27 months of earnings.

Brent fell 39 cents to $51.82 a barrel by 0523 GMT after touching an intra-day low of $51.50, the lowest since Feb. 2. It is on its longest weekly losing streak since late 2014.

Oil prices are falling on worries about oversupply as OPEC pumped at record levels in July, while weak China data has stoked concern about slower growth in the world's second largest oil consumer.

Asian equity markets are also gloomy. MSCI's broadest index of Asia-Pacific shares outside Japan has fallen 1.0 percent and is close to this year's lows, thanks to a deepening sell-off in commodities and China worries.

All markets in the Gulf fell on Sunday in response to oil's fresh weakness, and its further decline means investors are likely to stay very cautious.

Saudi Arabia's Etihad Etisalat (Mobily) resumes trading on Monday after restating results for 2013-14 and the first quarter of 2015, slashing total profits over the period by nearly 1.76 billion riyals ($470 million) in its latest attempt to resolve an accounting scandal.

Mobily, whose shares were suspended in June, also posted a net loss of 900.9 million riyals for the second quarter.

Some of the latest earnings reports in the region have been positive, though. Dubai's biggest listed developer, Emaar Properties, reported a 16 percent rise in second-quarter net profit on Sunday to 1.18 dirhams ($321 million), beating some analysts' estimates.

SICO Bahrain had forecast Emaar's quarterly profit would be 817 million dirhams and Naaem brokerage had expected 1.09 billion dirhams.

"Overall, we view the preliminary results as positive; in specific, given continued strong performance of the real estate business in Dubai, and to an extent, also the international markets," Naeem property analysts Harshjit Oza and Amr Eid said in a note.

Mobile operator Viva Kuwait reported an 8 percent rise in second-quarter profit on Sunday, whilie most of its regional peers have reported declining earnings or posted losses.

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