off-the-wire

MIDEAST STOCKS-Saudi shares advance after Eid while Abu Dhabi dips on oil uncertainty

Kitco Media
By Reuters
Published:
Updated:
Reuters
By Ateeq Shariff April 25 (Reuters) - Saudi Arabia's stock market ended higher on Tuesday after a five session break for the Muslim festival of Eid al-Fitr, while the Abu Dhabi index, which resumed trading on Monday, closed lower. Saudi Arabia's benchmark index advanced 0.9%, buoyed by a 3.9% jump in oil giant Saudi Aramco . However, Sahara International Petrochemical Co dropped 1.8% after a sharp decline in its quarterly profit. In Abu Dhabi, the index slipped 0.1%, hit by a 3.1% slide in Multiply Group . The holding company, which counts state-linked International Holding Co as a major shareholder, on Monday submitted a binding offer to acquire a majority stake in Media 247.


Farah Mourad, Senior Market Analyst of XTB MENA, said movement on the Abu Dhabi stock market was being held back by uncertainty over the direction of oil prices. "However, the market could see some support as it awaits another initial public offering. The listing could drive liquidity and attract new investors, helping move a market that was little changed during the last few trading sessions." Oil, a key catalyst for Gulf financial markets, slipped after two sessions of gains as uncertainty about the global economic outlook and a firmer dollar countered investor optimism about demand in China and expectations of a drop in U.S. crude inventories. Dubai's main share index added 0.2%, helped by a 3.5% jump in toll operator Salik Co .


SAUDI ARABIA rose 0.9% to 11,265 ABU DHABI fell 0.1% to 9,646 DUBAI gained 0.2% to 3,506 OMAN was flat at 4744 QATAR closed EGYPT closed BAHRAIN closed KUWAIT closed


(Reporting by Ateeq Shariff in Bengaluru; Editing by Alexander Smith)

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