oct 26 reuters  most major stock markets in the gulf fell in early trade on wednesday amid lower oil prices and disappointing earnings although the abu dhabi index edged higher oil prices eased after industry data showed us crude stockpiles rose more than expected last week though supply worries capped losses while a rise in crude stockpiles reinforced fears of a global recession that would cut demand ongoing supply constraints kept prices trading in a narrow range saudi arabias benchmark index tasi dropped 03 hit by a 21 fall in retal urban development co 4322se despite it reporting a higher quarterly profit sabic agrinutrients co 2020se retreated about 3 after reporting that quarterly net profit rose year on year but fell from the previous quarter among other losers yanbu petrochemicals company 2290se slid 45 as the petrochemical firm swung to quarterly loss but al jouf cement 3091se jumped more than 6 after it reported a net profit of 741 million riyals up from 549 million riyals year ago separately the kingdoms finance minister said on wednesday the energy transition away from fossil fuels would take as much as 30 years in abu dhabi the index ftfadgi added 01 helped by a 17 rise in multiply group multiplyad which is expected to report its thirdquarter earnings shares of first abu dhabi bank fabad were down 1 after the united arab emirates biggest lender reported a 24 decline in thirdquarter net profit from a year earlier and flagged caution against an increasingly challenging global backdrop the qatari index qsi dropped 16 dragged down by a 47 fall in islamic lender masraf al rayan markqa which hit its lowest since midjune 2020 following a 20 drop in ninemonth net profit the gulf states emir said on tuesday that initial indicators show gdp growth of 43 in the first half of 2022 high energy prices have so far translated into a budget surplus of 473 billion qatari riyals 1299 billion the emir sheikh tamim bin hamad althani added in a televised speech to the countrys advisory shura council reporting by ateeq shariff in bengaluru editing by jan harvey