Most stock markets in the Gulf ended higher on Tuesday as investors shifted focus to third-quarter earnings despite softening oil prices and simmering geopolitical tensions in the region.
Saudi Arabia’s benchmark index reversed early losses to close 0.5% higher, with aluminium products manufacturer Al Taiseer Group and the country’s biggest lender Saudi National Bank both gaining 1.5%.
On the other hand, oil behemoth Saudi Aramco was down 0.2%.
Oil prices – a catalyst for the Gulf’s financial markets – tumbled more than 4% to a near two-week low due to a weaker demand outlook and after a media report said Israel is willing to not strike Iranian oil targets, easing fears of a supply disruption.
The kingdom’s annual inflation rate edged up to 1.7% in September from 1.6% in August, government data showed on Tuesday, with increases in housing rents the main driver once again.
Dubai’s main share index rose 0.3%, rising for a fourth consecutive session, with blue-chip developer Emaar Properties advancing 1.8%.
In Abu Dhabi, the index fell 0.2%, weighed down by a 1.3% slide in Emirates Telecommunication Group.
Gulf markets end mixed on regional conflict, ahead of earnings
The telecoms group and Amazon Web Services have entered into over a $1 billion agreement as part of new strategic alliance.
The Qatari benchmark jumped 1.6%, as almost all its constituents were in positive territory, including the Gulf’s biggest lender Qatar National Bank, which was up 1.8%.
Qatar will hold a rare referendum for citizens to vote on a set of constitutional amendments, including a proposal that would abandon an effort to introduce elections, the Gulf Arab state’s emir said on Tuesday.
Outside the Gulf, Egypt’s blue-chip index finished 1% higher.
Egypt’s central bank will keep its overnight interest rates on hold when its monetary policy committee meets on Thursday following two months of accelerating inflation, a poll of analysts predicted on Monday.
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SAUDI ARABIA rose 0.4% to 12,002
ABU DHABI fell 0.2% to 9,283
DUBAI gained 0.3% to 4,470
QATAR advanced 1.6% to 10,642
EGYPT was up 1% to 30,584
BAHRAIN added 0.3% to 2,000
OMAN was flat at 4,802
KUWAIT was up 0.7% to 7,621
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