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April 25 (Reuters) – Saudi Arabian shares ended higher on Tuesday after a five-session hiatus for the Muslim holiday of Eid al-Fitr, while Abu Dhabi’s index, which resumed trading on Monday, closed lower.
Saudi Arabia’s Benchmark Index (.one) Up 0.9%, boosted by oil major Saudi Aramco’s 3.9% gain (2222.SE).
However, Sahara International Petrochemical Company (2310.SE) It fell 1.8 percent after a sharp drop in quarterly profit.
In Abu Dhabi, the index (.FTFADGI) fell 0.1 percent, hit by a 3.1 percent drop in Multiply Group (Multiply Ads).
holding companies, including Guolian International Holdings (IHC.AD) As a major shareholder, on Monday submitted a binding offer 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 is an important catalyst for Gulf financial markets, slip After two straight sessions of gains, 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 main stock index (.DFMGI) Up 0.2 percent, helped by toll operator Salik Co up 3.5 percent (Salik. You).
Reporting by Ateeq Shariff in Bengaluru; Editing by Alexander Smith
Our standards: Thomson Reuters Trust Principles.
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