Jan 31 Reuters Major stock markets in the Gulf edged higher in early trade on Wednesday, on course to claw back some of its losses from the previous session, although the Saudi index bucked the trend to trade lower.

Saudi Arabia39;s benchmark index dropped 0.4, hit by a 2.6 fall in the country39;s biggest lender Saudi National Bank and a 1.5 decline in Al Rajhi Bank. The index had fallen more than 2 on Tuesday.

The International Monetary Fund lowered its 2024 forecast for economic growth in Saudi Arabia to 2.7 on Tuesday, projecting a slower recovery amid lower oil production, but said nonoil growth this year was expected to remain robust.

Saudi Arabia39;s government on Tuesday ordered state oil company Aramco to halt its oil expansion plan and to target a maximum sustained production capacity of 12 million barrels per day bpd, 1 million bpd below a target announced in 2020.

Shares of Aramco were down 0.2.

Oil prices a catalyst for the Gulf39;s financial markets  fell as lacklustre economic activity in China, the world39;s biggest crude importer, weighed on sentiment, but prices were set for their first monthly gain since September as broadening Middle East conflicts raised supply concerns.

Dubai39;s main share index added 0.2, helped by a 1.1 rise in bluechip developer Emaar Properties, while Tecom Group advanced 2.2 following a sharp rise in annual profit.

In Abu Dhabi, the index added 0.1.

The Qatari benchmark gained 0.5, with Qatar Islamic Bank rising 1.1….