Oil prices and earnings in the Gulf region are mixed.
The major Gulf stock exchanges were mixed early on Tuesday as investors awaited earnings and weighed the weaker oil price, while the Saudi index fell on profit-taking following its recent rally. Saudi Arabia's benchmark index fell 0.1% following a rally of 3.3% triggered by government announcements last week to liberalise access to the capital markets for foreign investors starting next month.
The index also suffered from a 0.3% drop in Al Rajh Bank, and a 0.4% decline in Saudi National Bank, the largest lender in the kingdom by assets. Meanwhile, oil prices - a catalyst for ?the Gulf's financial markets - were little changed as traders weighed President Donald Trump's tariff threats against Europe ?linked to his push to buy Greenland, while a ?softer dollar and stronger-than-expected data ?from top importer China helped support prices.
ADNOC Gas fell 0.3% in Abu Dhabi.
Abu Dhabi Islamic Bank, the largest sharia compliant bank in the emirate, dropped by 0.2% ahead of Wednesday's release of its fourth quarter earnings. India signed a $3 billion deal for LNG with the UAE, which makes it the UAE's largest customer. ADNOC Gas will supply Hindustan Petroleum with 0.5 million tons of LNG per year over a period of 10 years as the two countries deepen their trade and defense ties.
Dubai's main stock index rose?0.4%. This was due to a rise of 1% in utility firm Dubai Electricity and Water Authority and an increase of 0.3% in blue-chip developer Emaar Properties. The?Qatari Index edged up 0.1%, thanks to a 0.8% increase in the petrochemical manufacturer Industries Qatar. Qatar Gas Transport gained 0.5% ahead of the company's earnings announcement. (Reporting by Ateeq Shariff in Bengaluru; Editing by Harikrishnan Nair)
(source: Reuters)
