Major Gulf bourses mixed in early trade | Reuters

Major Gulf bourses mixed in early trade | Reuters

Major stock markets in the Gulf were mixed in early trade on Wednesday, against the backdrop of rising crude prices and growing fears of slowing global economic growth.

Financial markets are grappling with multiple risks, including the prospects of aggressive U.S. interest rate hikes, a sharp slowdown in China, surging inflation and the Ukraine conflict.

Saudi Arabia's benchmark index (.TASI) gained 0.5%, led by a 3.1% rise in the kingdom's largest lender Saudi National Bank (1180.SE) and 1.3% increase in oil giant Saudi Aramco (2222.SE).

Ratings agency Fitch on Monday revised its outlook for Aramco to "positive" from "stable". read more

Oil prices, a key catalyst for the Gulf's financial markets, extended gains amid simmering geopolitical tensions as Russia cut gas supplies to Bulgaria and Poland, while hopes of Chinese economic stimulus buoyed the demand outlook.

The Abu Dhabi index (.FTFADGI) added 0.3%, helped by a 0.5% gain in top lender First Abu Dhabi Bank (FAB.AD).

The United Arab Emirates and Turkey have officially launched talks on a Comprehensive Economic Partnership Agreement, which is expected to double trade between the two nations, Emirati trade minister Thani al Zeyoudi tweeted on Tuesday. read more

In Qatar, the index (.QSI) fell 0.9%, as most of the stocks on the index were in negative territory as the bourse saw further price correction after hitting a record peak earlier this month.

A British judge on Tuesday denied a bid by Qatar Airways to reinstate a jet contract cancelled by Europe's Airbus in the latest twist to a dramatic feud playing out in UK courts. read more

Dubai's main share index (.DFMGI) lost 0.3%, hit by a 1.2% fall in Emirates Integrated Telecommunications (DU.DU).