Mideast Stocks: Gulf stocks inch lower as surplus oil worries weigh
Most Gulf stocks on Wednesday inched lower as a fall in oil prices over worries of increasing supplies hurt sentiment and investors paused to reflect over the implications of the U.S.-China tariff truce on the economy.
Oil prices - a catalyst for the Gulf's financial markets -fell on Wednesday, as traders watched for a potential jump in U.S. crude inventories. However, prices held near two-week highs as optimism after the U.S. and China agreed to temporarily lower their reciprocal tariffs lingered.
Although the U.S.-China trade war seems to have paused, financial markets remain uneasy about the outlook.
Meanwhile, Israel issued evacuation warnings on Wednesday for three seaports in Yemen after saying the Iran-aligned Houthis had fired a missile towards it while U.S. President Donald Trump was on a visit to three Gulf states.
Saudi Arabia's benchmark stock index was down 0.19%. Saudi Telecom and Saudi Electricity Company were the top losers, both falling nearly 5% early on Wednesday.
The losses were limited by a 8% surge in shares of Saudi Arabian Refineries Company. The refiner is on track to log its third straight session of gains.
Dubai's main share index was flat, trading down 0.09% as a 2.5% gain in Mashreqbank was offset by a 2.7% fall in Amlak Finance.
Abu Dhabi's benchmark index was unchanged while Qatar's benchmark stock index was down 0.01%.
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