Most stock markets in the Gulf were up in early trading on Tuesday as oil prices rose, while escalating tensions in the Middle East weighed on investor sentiment.
Oil prices, a catalyst for the Gulf’s financial markets, edged up 0.5% with Brent trading at $72.17 a barrel by 0740 GMT.
Saudi Arabia’s benchmark stock index moved up 0.2%, driven by gains in most sectors.
Al Khaleej Training surged 4% after the company signed a non-binding memorandum of understanding to operate an educational complex in Jeddah.
Malath and Liva rose 1.7% and 0.2% respectively, after the insurers said in a statement they have agreed, on a non-binding and preliminary basis, that Liva would be merged into Malath.
Most Gulf markets end flat on regional tensions
United International Holding Company consumer finance services provider surged as much as 30% on its market debut to 171.6 riyals compared to its IPO price of 132.
Meanwhile, Saudi Arabia’s non-oil business sector grew in November at the fastest rate since July 2023 thanks to robust demand.
The Qatari benchmark index fell 0.1% with most sectors in negative territory. Industries Qatar lost 0.3% and Qatar Fuel slipped 0.5%.
Energy giant QatarEnergy signed on Monday a long-term sales and purchase agreement with Shell to supply it with LNG for delivery to China.
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