LONDON: Saudi Arabia's stock market outperformed its regional peers on Tuesday, while most other Gulf bourses remained pressured on worries about China's slowing economic growth.
GCC bourses were under the weight of international economic concerns. The Chinese manufacturing index is softer than expected signalling a slowing economy and US consumer confidence in the economy is expected to be a little lower, said Wael Makarem, senior market strategist at Exness.
Saudi Arabia's benchmark index gained 0.6%, extending gains for the second session, with Saudi Telecom Company advancing 2.9% and Saudi National Bank rising 1.3%.
The Saudi market is supported by solid national economic fundamentals and the positive COVID situation. The announced talks between the kingdom and Iran have also benefited the exchange, said Makarem.
"The initiative should help alleviate any future tensions in the region and enhance cooperation."
Iran plans to hold a fourth round of talks with regional rival Saudi Arabia in Iraq after the new Iranian government is set up, the Iranian ambassador in Baghdad was quoted on Tuesday as saying.
In Abu Dhabi, the index finished flat, with Abu Dhabi National Hotels declining about 10%.
Abu Dhabi state-owned holding company ADQ has withdrawn an offer to combine Abu Dhabi National Hotels Company (ADNH) with Abu Dhabi National Exhibitions Company (ADNEC), ADNH said in a bourse filing.
ADQ said in June it had submitted an offer to ADNH to combine it with ADNEC, the exhibitions company, to "create one of the largest hospitality, events and catering powerhouses in the region" with assets of around 20 billion dirhams ($5.45 billion).
However, the index's losses were capped by gains at Agthia Group, which jumped 8.9%.
The board had called a meeting on Tuesday to discuss a potential acquisition.
Dubai's main share index edged up 0.1%, helped by a 0.7% gain in blue-chip developer Emaar Properties.
The Qatari benchmark lost 0.1%, pressured by a 1.8% decline in petrochemical maker Industries Qatar.
Outside the Gulf, Egypt's blue-chip index fell 0.2%, with top lender Commercial International Bank losing 2.1%.
SAUDI ARABIA rose 0.6% to 11,319
ABU DHABI was flat at 7,685
DUBAI added 0.1% to 2,903
QATAR lost 0.1% to 11,093
EGYPT fell 0.2% to 11,143
BAHRAIN dropped 0.7% to 1,645
OMAN eased 0.1% to 3,967
KUWAIT down 0.7% to 7,43.
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