Major Gulf bourses were mixed on Wednesday as tensions in Ukraine kept oil prices firm, while stocks across Asia rose after investors redirected fund flows from bonds into equities.
Oil prices rose as a reported drop in U.S. crude inventories increased concerns about tight global supplies amid the hit to Russian exports from economic sanctions.
Meanwhile, Asian equities hit three-week highs as investors fled a meltdown in bond markets and sought refuge in cash, carry trades and beaten-down sectors such as technology.
Saudi Arabia's benchmark index was flat, with state-run Saudi Aramco (2222.SE) down 1.6% as it was trading ex-dividend.
The oil giant is now valued at 8.62 trillion riyals ($2.30 trillion), after recent gains following higher oil prices and strong results. Aramco's market value still trails that of Apple Inc (AAPL.O), worth $2.76 trillion as of Tuesday's close.
Alkhorayef Water And Power Technologies (2081.SE) dropped 1.2% after it also began trading ex-dividend.
Abu Dhabi's index (.FTFADGI) edged 0.3% lower.
International Holding Co (IHC.AD), the most valuable listed firm in Abu Dhabi, dropped 1.4% after the company said it recommended to not distribute a dividend for 2021.
Dubai's main share index (.DFMGI) rose 0.2%, boosted by index heavyweight Emirates Integrated Telecommunications Company (DU.DU), which gained 2% after ending the previous session lower.
The Qatari index (.QSI) fell 0.5%, weighed by financial and industrial stocks.
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