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Saudi Arabian stocks snapped a two-session gaining streak to close lower on Tuesday, as oil prices slipped, while Dubai shares inched higher in volatile trade ahead of the U.S. midterm elections.

Crude prices — a key catalyst for the Gulf’s financial markets — slipped as recession concerns and worsening COVID-19 outbreaks in top crude importer China heightened fears of lower fuel demand.

Chinese health authorities doused that speculation on Saturday, reaffirming the country’s commitment to its strict zero-COVID policy.

Saudi Arabia’s benchmark index dropped 1%, dragged down by a 2.3% fall in the country’s biggest lender Saudi National Bank.

The Saudi market was in the red as oil prices could return to the downside, said Farah Mourad, Senior Market Analyst of XTB MENA.

“The mixed earnings results from local companies also pulled the market down.”

Bindawood Holding Co dropped 9.7%, wiping off 686 million riyals ($182.49 million) from company’s market cap, as the grocery retailer turned to quarterly losses.

Elsewhere, Arabian Drilling retreated 2.6%, a day after the oilfield services firm surged 23% on its debut.

Most Gulf stocks end higher, Abu Dhabi hits record high

Dubai’s main share index added 0.2%, helped by a 0.6% rise in blue-chip developer Emaar Properties and a 0.8% increase in utility firm Dubai Electricity and Water Authority.

Separately, the emirate’s state developer Nakheel has secured 17 billion dirhams ($4.63 billion) in financing as the group behind the palm-shaped islands accelerates plans for new waterfront projects, including Dubai Islands amid a red hot property market.

In Abu Dhabi, the index eased from record highs to close 0.1% lower, as traders moved to secure their gains.

Qatari stocks climbed 0.5%, buoyed by a 3% jump in telecoms firm Ooredoo following a report that Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) would consider bidding for Ooredoo’s tower unit.

Outside the Gulf, Egypt’s blue-chip index declined 1.5%, as most of the stocks on the index were in negative territory including Commercial International Bank Egypt, which was down 2.1%.

Ratings agency Fitch revised its outlook on Egypt to negative from stable, citing a deterioration in the country’s external liquidity position and reduced prospects for bond market access.

=======================================
 SAUDI ARABIA    dropped 1% to 11,487
 ABU DHABI       lost 0.1% to 10,600
 DUBAI           rose 0.1% to 3,384
 QATAR           gained 0.5% to 12,633
 EGYPT           lost 1.5% to 11,268
 BAHRAIN         eased 0.1% to 1,865
 OMAN            rose 0.3% to 4,421
 KUWAIT          added 0.4% to 8,422
=======================================

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