Gulf stocks mixed as investors tread with caution

Stock markets in the Gulf were mixed on Tuesday as investors exercised caution ahead of Ramadan, and in the absence of fresh cues to drive the markets.

In the UAE, Dubai’s main index shot up in the last few minutes of trade to close with a gain of 0.2 percent at 3,314 points. Market heavyweight Emaar Properties rose 0.2 percent to AED 6.25, while construction firm Arabtec fell 1.4 percent to AED 1.37.

Abu Dhabi’s general index fell 0.2 percent to end at 4,250 points, as banks and telecom sectors pulled in opposite directions. First Gulf Bank fell 2.5 percent to AED 11.85 and RAK Bank plunged 8 percent to AED 5.35.

Etisalat, the largest listed stock, was up by 0.3 percent at AED 17.70. Real estate major Aldar rose 1.2 percent to AED 2.63.

Qatar’s QE index, which remained positive throughout the day, slipped towards the end of trade to close lower by 0.1 percent at 9,539 points. Qatar National Bank fell 0.2 percent to QAR 133.50, while Gulf International Services rose 2.5 percent to QAR 37.7.

Saudi Arabia’s Tadawul All Share Index (TASI) was higher by 0.9 percent at 6,416 points. Petrochemical stocks lifted the index as Yanbu National Petrochemical Co. (Yansab) jumped 5.4 percent to SAR 42. Saudi Basic Industries Corp. (SABIC) climbed 1 percent to SAR 80.75.

Meanwhile, oil prices remained below $50 as Organization of Petroleum Exporting Countries (OPEC) prepared to meet in Vienna on Thursday.

Brent crude, the benchmark followed by most exporters in the Middle East, was down 0.4 percent at $49.54/bbl. WTI crude last traded up 0.3 percent at $49.48/bbl.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com