Major stock markets in the Gulf were mixed in early trade on Tuesday, with the Saudi index on course to snap two sessions of gains, amid muted oil prices and rising tensions in the region.
Oil prices, a catalyst for the Gulf’s financial markets, were little changed as traders weighed a host of conflicting supply and demand worries, from rising tensions in the Middle East to cold weather woes disrupting US production.
Saudi Arabia’s benchmark index eased 0.1%, hit by a 9.9% slide in MBC Group.
Public Investment Fund (PIF), the country’s sovereign wealth fund, launched a $5 billion bond on Monday, capital markets publication IFR reported.
Gulf markets rise on higher oil prices, Abu Dhabi falls
In Abu Dhabi, the index was down 0.4%, weighed by a 0.6% fall in conglomerate International Holding.
Meanwhile, Dubai’s main share index gained 0.4%, helped by a 8.9% rise in Mashreq Bank.
Separately, the United Arab Emirates president has issued a law establishing an artificial intelligence and advanced technology council, the Abu Dhabi Media Office said on Monday.
Elsewhere, US and British forces carried out a fresh round of strikes targeting an underground storage site as well as missile and surveillance capabilities used by the Iran-aligned Houthi group.
The Qatari benchmark added 0.2%, with petrochemical maker Mesaieed Petrochemical advancing 3.4%.
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