Mideast Stocks: Most Gulf Markets settle higher as investors weigh U.S.-China trade truce
Most stock markets in the Gulf settled higher on Tuesday, although gains were limited as investors paused to weigh whether a temporary pause in the U.S.- China trade war would lead to a long-lasting agreement.
Brent crude futures rose about 1%, to $65.61 a barrel by 1209 GMT, but gains were capped by pressure of increasing supplies. Meanwhile, sources told Reuters that Saudi Arabia's crude oil supply to China will hold steady in June after hitting its highest in more than a year in the previous month after an OPEC+ decision to increase output.
Around the world, a rally in stocks lost steam on Tuesday, as initial cheer over a trade agreement between the U.S. and China was replaced by caution about its impact on the global economy.
On Tuesday, U.S. President Donald Trump kicked off his Middle East trip by visiting Saudi Arabia first, hoping to secure trillions of dollars of investments from Gulf oil producers.
Saudi Arabia's benchmark stock index settled up 0.38%, boosted by a 9.85% rise in Saudi Arabian Refineries. The refiner logged a quarterly profit after markets closed on Monday.
Dubai's main share index closed up 0.54%, with the country's food ordering business Talabat Holdings leading gains on the index and settled up 3.6%. Shares of Sharia compliant lender Dubai Islamic Bank also closed up 3% Bucking the trend, the Qatari index fell 0.22%, dragged lower by a 1.73% drop in Vodafone Qatar.
Outside the Gulf, Egypt's blue-chip index settled up 0.37%. Engineering and construction contractor Orascom Development Egypt was the top gainer, rising 3.5% after it named a new Chairman and CEO.
SAUDI ARABIA up 0.38% to 11,532.27
ABU DHABI down 0.08% to 9,631.48
DUBAI up 0.54% to 5,362.68
QATAR fell 0.22% to 10,585.58
EGYPT up 0.37% to 31,692.77
BAHRAIN inched up 0.1% to 1,918.306
OMAN fell 0.35% 4,361.328
KUWAIT rose 0.25% at 8,750.93
(Reporting by Rishab Shaju and Chandini Monnappa in Bengaluru; Editing by Tasim Zahid)
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