JEDDAH/DUBAI — Gulf stock markets ran out of steam on Monday after several strong sessions as oil prices fell by more than $1 a barrel. Brent crude traded below $49 after analysts at Goldman Sachs cut their average forecast for the benchmark in 2015 to $50.40 a barrel from $83.75. Saudi Arabia's stock index slipped 0.1 percent to 8,437 points as shares in petrochemicals giant Saudi Basic Industries fell 1.9 percent; petrochemical industry earnings are under major pressure from weak oil prices. However Saudi banks, boosted by generally positive financial results, offset most of petrochemicals' losses on Monday. Saudi Hollandi Bank jumped 2.0 percent after it beat analysts' expectations with a 33 percent rise in fourth-quarter net profit. The lender made 461.9 million riyals ($123.1 million) in the three months to Dec. 31. Banque Saudi Fransi added 1.0 percent after posting a 211 percent rise in fourth-quarter net profit, also ahead of analyst forecasts. Dubai's index edged down 0.7 percent to 3,749 points after rising as much as 1.9 percent early in the session. Abu Dhabi's bourse also edged down 0.7 percent to 4,449 points. Qatar index fell 0.9 percent to 11,912 points. Oman's benchmark rose 0.6 percent. Egypt's bourse jumped 2.2 percent in a broad rally. — SG/Reuters
