MIDEAST STOCKS #Saudi index leads mixed markets with 14-year high | Reuters

MIDEAST STOCKS Saudi index leads mixed markets with 14-year high | Reuters

Stock markets in the Gulf region ended mixed on Tuesday, though the Saudi bourse rose to its highest in nearly 14 years on the back of stronger oil prices.

"The cautious atmosphere among investors has pushed the GCC stock markets in different directions. The economic slowdown and the strong inflation remain the main points of concern," said Wael Makarem, senior market strategist at Exness.

Saudi Arabia's benchmark index (.TASI) finished 0.8% higher, with Al Rajhi Bank (1120.SE) rising 2.2%, while oil giant Saudi Aramco (2222.SE) gained 1.8%, reaching its highest since Dec. 17, 2019.

Aramco will complete its 1 million barrel per day (bpd) oil output expansion project by 2027 to bring its total production to 13 million bpd, its CEO said on Monday.

Brent crude oil futures hit a fresh three-year high, after the OPEC+ group of producers decided to stick to its planned output rises rather pumping even more.

Energy index (.TENI) in the kingdom was up 1.6%.

In Abu Dhabi, the index (.ADI) fell 0.1%, hit by a 1.1% fall in the United Arab Emirates' largest lender, First Abu Dhabi Bank (FAB.AD).

Elsewhere, ADNOC Drilling (ADNOCDRILL.AD) slid 4.4%, ending two sessions of gains. It had surged over 28% in its debut on Sunday following a $1.1 billion initial public offering, the largest ever on the Abu Dhabi stock market. read more

The United Arab Emirates' non-oil private sector continued to expand in September as recovery from the COVID-19 pandemic in the Middle East trade and tourism hub was strong, although job creation slowed, a business survey showed on Tuesday. read more

Dubai's main share index (.DFMGI) dropped 1%, weighed down by a 3.9% decline in Emirates NBD Bank (ENBD.DU) and a 1.3% fall in Emirates Integrated Telecommunications (DU.DU).

The market remained weighed down by concerns around the global economic slowdown and its impact on the economic activity in the Emirates. The main index could fall further tracking soft performance globally before finding a floor, added Makarem.

The Qatari benchmark (.QSI) added 0.1%, with Mesaieed Petrochemical (MPHC.QA) advancing 1.6%.

Outside the Gulf, Egypt's blue-chip index (.EGX30) edged up 0.1%, helped by a 3.9% rise in Fawry for Banking Technology and Electronic (FWRY.CA).