Major stock markets in the Gulf moved in different directions early on Tuesday, as surging cases of the Omicron coronavirus variant remained a worry for investors.
Saudi Arabia's benchmark index gained 0.3%, helped by a 0.4% rise in Al Rajhi Bank and a 0.7% increase in petrochemical maker Saudi Basic Industries Corp.
On the other hand, Sahara International Petrochemical Co retreated 1.4%, as the firm traded ex-dividend.
OPEC+ compliance with oil production cuts rose to 117% in November from 116% a month earlier, Reuters reported on Monday, citing two sources from the group, indicating production levels remain well below agreed targets.
Crude prices, a key catalyst for the Gulf's financial markets, rose, though investors remained worried about the rapid spread of the Omicron variant globally, prompting countries to consider more restrictions potentially denting fuel demand.
Dubai's main share index added 0.5%, with blue-chip developer Emaar Properties rising 1.3% and Emirates Integrated Telecommunications advancing 2.3%.
Separately, the Dubai World Trade Centre (DWTC) will become a crypto zone and regulator for cryptocurrencies and other virtual assets, the Dubai Media Office said on Monday, part of efforts to attract new business as regional economic competition heats up.
In Abu Dhabi, the index dropped 0.8%, weighed down by a 0.9% fall in Emirates Telecommunications Group and a 1.4% decline in conglomerate International Holding .
The Qatari benchmark edged 0.1% higher, hit by a 0.9% fall in petrochemical maker Industries Qatar.
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