Mideast Stocks: Major Gulf markets ease in early trade; Saudi index gains

The Commercial Bank (P.S.Q.C.)

02/01/2024 08:27

Jan 2 (Reuters) - Major stock markets in the Gulf fell
in early trade on Tuesday in the absence of fresh catalysts,
although the Saudi index bucked the trend to trade higher.
    The Qatari index  .QSI  dropped 1.2% and was on course to
snap eleven sessions of gains, weighed down by a 2.8% decline in
Qatar Islamic Bank  QISB.QA  and a 3.2% decrease in Commercial
Bank  COMB.QA .
    In Abu Dhabi, the index  .FTFADGI  lost 0.2%. Dubai's main
share index  .DFMGI  eased 0.1%, with blue-chip developer Emaar
Properties  EMAR.DU  losing 1.4%.
    Saudi Arabia's benchmark index  .TASI  gained 0.2%, with the
country's biggest lender Saudi National Bank  1180.SE  rising
1.8% and oil giant Saudi Aramco  2222.SE  up 0.2%.
    Oil prices - a catalyst for the Gulf's financial markets -
jumped 1.5% in the first session of the New Year due to
potential supply disruptions in the Middle East after a naval
clash in the Red Sea.
    U.S. helicopters repelled an attack on Sunday by Iran-backed
Houthi militants on a Maersk container vessel in the Red Sea,
sinking three Houthi ships and killing 10 militants.
    Hopes for strong holiday demand and economic stimulus in
China, the top crude importer, also supported oil.
    Separately, Saudi Arabia's deadline for foreign firms to
establish their regional headquarters in the kingdom or lose out
on hundreds of billions of dollars in government contracts went
into effect on Monday, as did several exceptions to the rule.

 (Reporting by Ateeq Shariff in Bengaluru; Editing by Jan
Harvey)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))