Mideast Stocks: Most Gulf bourses settle flat, oil prices fall
Most Gulf stock markets were unchanged at close on Wednesday after oil prices fell as investors looked for data about U.S. crude inventories amid worries of rising supply while stocks globally were steady as trade tensions seemed to ease.
Brent crude futures fell 64 cents, or around 1%, to $65.99 a barrel by 0934 GMT as traders anticipated a potential jump in U.S. crude inventories, with official data expected at 1430 GMT.
Stocks around the world took a breather after a strong rally on easing global trade tensions, after a U.S.-China truce.
Saudi Arabia's benchmark stock index was unchanged at close. A 9% surge in wholesale and retail trader Al Hokair offset a 5.43% fall in telecom provider Saudi Telecom and 5.38% fall in real estate firm Taiba Investment Company.
Dubai's main share index settled 0.1% lower, Dubai National Insurance and Reinsurance logged losses for a second straight session, closing down 5.1%. Qatar's benchmark stock index closed up 0.08% with a 1.4% rise in milk producer Baladna offsetting a 1.3% fall in Qatar International Islamic.
Outside the Gulf, Egypt's blue-chip index closed 0.4% higher. Beltone Financial Holdings closed up 3% after the financial services provider logged a 1.4% rise in quarterly net profit.
SAUDI ARABIA was flat at 11,532
ABU DHABI down 0.1% to 9,621
DUBAI down 0.06% to 5,360
QATAR up 0.1% to 10,594
EGYPT rose 0.4% to 31,828
BAHRAIN rose 0.10% to 1,920
OMAN rose 0.8% to 4,397
KUWAIT finished flat at 8,755
(Reporting by Rishab Shaju and Chandini Monappa in Bengaluru; Editing by Shreya Biswas)
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