Equities in the Middle East paused on Tuesday after a recent rally, with shares of Nahdi Medical jumping about 20% in their market debut, while oil prices rose amid talks of an oil embargo on Russia by the European Union.
The bloc’s foreign ministers are split on whether to join the United States in sanctioning Russian oil, with some countries, including Germany, arguing that the group is too dependent on Russia’s fossil fuels.
Crude prices climbed, with Brent futures up 2.75% to $118.80 a barrel on the Intercontinental Exchange at 0440 GMT, while Asian equities also rose as investors weighed aggressive US rate hikes and the war disrupting oil supplies.
Saudi Arabia’s benchmark index inched up 0.2%.
Retail pharmacy leader Nahdi Medical Co jumped as much as 158.4 riyals from its initial public offering price of 131 riyals per share on Tuesday.
Gulf bourses mixed, Aramco gains on 2021 profit boost
Nahdi had raised $1.36 billion in the country’s biggest IPO since Saudi Aramco’s listing in 2019.
Dubai’s main share index and Abu Dhabi’s index swung between gains and losses.
Dubai was last up 0.06%, with gains in financials offset by losses in communication services stocks.
Abu Dhabi’s index was last up 0.07%.
The Qatari index fell 0.5%, weighed by financials.
Commercial Bank was the top drag with its 2.7% fall.
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