Saudi Arabia’s stock market ended higher on Tuesday after a five session break for the Muslim festival of Eid al-Fitr, while the Abu Dhabi index, which resumed trading on Monday, closed lower.
Saudi Arabia’s benchmark index advanced 0.9%, buoyed by a 3.9% jump in oil giant Saudi Aramco.
However, Sahara International Petrochemical Co dropped 1.8% after a sharp decline in its quarterly profit.
UAE bourses end higher on hope of Fed rate hike pause
In Abu Dhabi, the index slipped 0.1%, hit by a 3.1% slide in Multiply Group.
The holding company, which counts state-linked International Holding Co as a major shareholder, on Monday submitted a binding offer to acquire a majority stake in Media 247.
Farah Mourad, Senior Market Analyst of XTB MENA, said movement on the Abu Dhabi stock market was being held back by uncertainty over the direction of oil prices.
“However, the market could see some support as it awaits another initial public offering. The listing could drive liquidity and attract new investors, helping move a market that was little changed during the last few trading sessions.”
Oil, a key catalyst for Gulf financial markets, slipped after two sessions of gains as uncertainty about the global economic outlook and a firmer dollar countered investor optimism about demand in China and expectations of a drop in US crude inventories.
Dubai’s main share index added 0.2%, helped by a 3.5% jump in toll operator Salik Co.
SAUDI ARABIA rose 0.9% to 11,265
ABU DHABI fell 0.1% to 9,646
DUBAI gained 0.2% to 3,506
OMAN was flat at 4744
QATAR closed
EGYPT closed
BAHRAIN closed
KUWAIT closed
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