DUBAI: Stock markets in the Middle East ended mixed on Tuesday, with a retreat in oil prices weighing on energy-heavy indexes, but the easing of geopolitical tensions helping other markets, with while Dubai’s main index marking its best day in 10 sessions.
Brent crude was off Monday’s seven-year high at $94, trading at $90.67 by 1110 GMT, ahead of the resumption of indirect talks between the United States and Iran, which may revive a nuclear agreement that could eventually allow more oil exports from the OPEC producer.
Dubai’s main share index ended 0.77% higher, in its biggest daily percentage gain since Jan 28.
In Abu Dhabi, the index closed up 0.5% in its third straight session of gains, with the country’s largest lender First Abu Dhabi Bank climbing 0.6%.
Abu Dhabi’s AD Ports Group opened at 3.5 dirhams a share in its debut on the Abu Dhabi Securities Exchange on Tuesday. Shares closed up 3.4%.
Shares of IHC, which bought a 7.4% stake in Abu Dhabi Ports for 1.2 million dirhams, rose 1.5%.
Saudi Arabia’s benchmark index fell 0.2%, with financial and materials weighing on sentiment.
Shares of retailer Fawaz Abdulaziz Alhokair ended 0.5% higher, having gained as much as 3.5%, after the company posted a quarterly profit on Monday.
Outside the Gulf, Egypt’s blue-chip index dropped 0.2% in its second straight session of losses.
Fawry for Banking Technology and Electronic Payment SAE and Madinet Nasr for Housing and Development SAE were the top percentage losers on the index.
SAUDI ARABIA fell 0.2% to 12,226
ABU DHABI up 0.5% to 8,780
DUBAI added 0.8% to 3,213
EGYPT lost 0.2% to 11,528
BAHRAIN was up 0.4% to 1,848
OMAN fell 0.4% to 4,115
KUWAIT added 0.5% to 8,086.
Comments
Comments are closed for this article.