Mideast Stocks: Saudi Arabia's stock index rises, snapping three-day losing streak
Most stock markets in the Gulf settled higher on Tuesday, with Saudi Arabia's benchmark stock index snapping three consecutive sessions of decline and the Dubai main share index hitting another record high.
Saudi Arabia's stock index rose 0.29%. The country's economic minister Faisal Ali Ibrahim said Saudi Arabia was ready for "multiple oil price scenarios" at the Qatar Economic Forum in Doha.
"Fundamentally, the Saudi stock market remains supported by a positive economic outlook, which could lead to potential advances in the medium term, provided oil prices and external factors are favourable," said Hani Abuagla, Senior Market Analyst at XTB MENA.
Oil prices - a catalyst for Gulf stocks - steadied on Tuesday amidst uncertainty in U.S.-Iran negotiations and Russia-Ukraine peace talks. Brent futures slipped around 0.4% by 1222 GMT.
Meanwhile in UAE, Dubai's main share index finished the day 0.44% lower after three straight sessions of gains. Abuagla attributed the move lower to profit-taking following the third-straight day of the index scaling record highs. Salik Company, the UAE's toll operator, was the top loser on the index down 2.78%.
Abu Dhabi's benchmark index closed 0.43% higher after touching its highest level since March last year, boosted by gains in the financial sector. First Abu Dhabi Bank, the United Arab Emirates' biggest lender, climbed 3.25%.
Qatar's benchmark stock index rose 0.5% to its highest since December 31, 2023. Qatar's sovereign wealth fund (QIA) is planning to at least double its annual U.S. investments in the next decade, its CEO said on Tuesday.
Outside the Gulf, Egypt's blue-chip index settled 0.87% higher, with investment banking firm Beltone Financial leading gains at 8.05%.
SAUDI ARABIA up 0.29% to 11,438.18
ABU DHABI up 0.43% to 9,707.02
DUBAI down 0.44% to 5,467.31
QATAR up 0.50% to 10,763.33
EGYPT up 0.87% to 31,629.34
BAHRAIN inched up 0.01% to 1,922
OMAN up 0.12% to 4,457.34
KUWAIT down 0.08% to 8,701.32
(Reporting by Rishab Shaju in Bengaluru; Editing by Shreya Biswas)
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