Saudi Arabian shares closed higher on Tuesday, snapping three straight sessions of losses, while major Gulf stock markets ended the day mixed.
Saudi Arabia’s benchmark index (.TARSI) closed about 0.8% higher after three days of declines triggered by regional tensions with Yemen’s Iran-aligned Houthis, who claimed responsibility for drone attacks in several parts of the kingdom, including at Saudi Aramco facilities in Jeddah.
Market-heavyweight Al Rjahi Bank (1120.SE) rose 2.1% and Saudi Arabian Mining (1211.SE) jumped 4.5%, while the oil giant Saudi Aramco (2222.SE) gained 1%.
In Abu Dhabi, the index (.ADI) gained nearly 0.8% as Emirates Telecommunications Group (Etisalat)(ETISALAT.AD) increased 2.8% and International Holding Company (IHC.AD) rose 2%.
Etisalat rose for a third straight day, riding on last week’s agreement to acquire Dubai-based grocery delivery platform elGrocer DMCC.
The Dubai index (.DFMGI) fell 0.9% in its third straight day of decline, as property and financial shares weighed the most.
Emaar Properties (EMAR.DU), which completed a merger with its shopping malls operator unit Emaar Malls, fell 2%, while lenders Dubai Islamic Bank and Emirates NBD (ENBD.DU) dropped 1.9% and 1.8%, respectively.
The Qatari index (.QSI) closed 0.1% lower. Islamic lender Masraf Al Rayan (MARK.QA) led losses, falling 1.5%, while Industries Qatar (IQCD.QA)added 0.7%.
Outside the Gulf, the Egyptian blue-chip index (.EGX30) edged up 0.1%. Real estate investor TMG Holding (TMGH.CA) and investment bank EFG Hermes Holdings (HRHO.CA) climbed 2.5% and 1.6%, respectively.
However, the gains were capped by a 0.6% fall in the country’s largest lender Commercial International Bank Egypt (COMI.CA).