DUBAI: Gulf stock exchanges ended mixed on Tuesday as peace hopes over Tehran’s statement that talks with Saudi Arabia were continuing were offset by fears of escalation in the eight-month conflict after the US struck Iran’s Qeshm Island in the Strait of Hormuz.
Saudi Arabia’s benchmark index eased 0.1 percent, weighed down by a 0.8 percent fall in Saudi Telecom Company.
However, oil giant Saudi Aramco added 0.2 percent after reporting a steep rise in third-quarter profit.
Aramco said on Tuesday that its net profit rose 34.5 percent despite attacks targeting the company. The increase came mainly from higher revenue and its exit from a joint venture. The US-Iran war has cut Aramco’s output, but higher oil prices have offset the lower volumes.
Alongside the results, the company declared a base dividend of USD21.9 billion.
With the conflict disrupting operations, Aramco is also looking at ways to protect its exports. CEO Amin Nasser said in a statement on Tuesday that the company is exploring additional export routes and overseas capacity, including a possible expansion of its East-West pipeline.