Most Gulf markets in red; Saudi gains

DUBAI: Most stock markets in the Gulf ended lower on Thursday in the absence of fresh factors, with the Saudi index bucking the trend to close higher.

Saudi Arabia’s benchmark index edged 0.2% higher, led by a 3.5% rise in Al Rajhi Bank and a 3.7% increase in Elm Company.

The Saudi bourse continued its upward trend, supported by robust fundamentals and positive growth prospects as investors eagerly await the upcoming fourth-quarter earnings announcements, said George Pavel, General Manager at Naga.com.

Oil prices - a catalyst for the Gulf’s financial markets - rose as investors returned for the first trading day of the new year with an optimistic eye on China’s economy and fuel demand after a pledge by President Xi Jinping to promote growth.