Major Gulf markets mixed in early trade

By Ateeq Shariff

(Reuters) – Major stock markets in the Gulf were mixed in early trade on Tuesday as investors remain wary of the geopolitical situation in the region.

Saudi Arabia’s benchmark index eased 0.3%, with aluminium products manufacturer Al Taiseer Group losing 1.7% and the country’s top lender Saudi National Bank was down 1.5%.

In Abu Dhabi, the index lost 0.1%.

Oil prices – a catalyst for the Gulf’s financial markets – were little changed after falling in the previous session as a U.S. plan to buy oil for the Strategic Petroleum Reserve provided some support, though wider concerns about weaker future demand growth exerted pressure.

Dubai’s main share index gained 0.7%, led by a 0.9% rise in toll operator Salik and a 2.9% jump in budget airliner Air Arabia.

Among other gainers, telecom firm Emirates Integrated Telecommunications advanced 2.4%, after reporting a steep rise in third-quarter profit.

The Qatari index edged 0.1% higher, helped by a 0.7% increase in Qatar Islamic Bank.