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Saudi Arabian stocks closed higher on Tuesday after a five-session hiatus for the Muslim Eid holiday, while Abu Dhabi’s index, which resumed trading on Monday, closed lower.
Saudi Arabia’s benchmark rose 0.9%, boosted by a 3.9% gain in oil major Aramco. However, Sahara International Petrochemical Corp fell 1.8 percent after its quarterly profit slumped.
In Abu Dhabi, the index fell 0.1%, led by a 3.1% drop in Multiply Group. The holding company, which counts the state-linked international holding company as a major shareholder, submitted a binding offer on Monday to acquire a majority stake in Media 247.
Farah Mourad, senior market analyst at XTB MENA, said Abu Dhabi stocks were capped by uncertainty over the direction of oil prices. “However, the market may see some support as it awaits another IPO. A listing could boost liquidity and attract new investors, helping to drive a market that has been little changed over the past few sessions.”
Oil, the main catalyst for Gulf financial markets, fell after two straight sessions of gains as uncertainty over the global economic outlook and a stronger dollar offset investor optimism about Chinese demand and expectations for a draw in U.S. crude stockpiles.
Dubai’s main stock index rose 0.2 percent, helped by toll operator Salik Co. rising 3.5 percent.
- Saudi Arabia rose 0.9% to 11,265
- Abu Dhabi down 0.1% to 9,646
- Dubai up 0.2% to 3,506
- Oman was flat at 4744
- Qatar closed
- egypt closed
- Bahrain closed Kuwait closed
(Reporting by Ateeq Shariff, Bengaluru; Editing by Alexander Smith)
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