Mideast Stocks: Major Gulf bourses mixed in early trade

Mideast Stocks: Major Gulf bourses mixed in early trade

Major stock markets in the Gulf were mixed in early trade on Tuesday amid lingering concerns over a slowing growth in the global economy, while rising crude prices provided some support.

Saudi Arabia's benchmark index gained 0.6%, with Saudi National Bank, the kingdom's biggest lender, rising 1% and Sahara International Petrochemical Co advancing 2.7%.

Saudi Crown Prince Mohammed bin Salman said the NEOM business zone would likely be publicly listed in 2024, al-Ekhbariya TV reported.

"NEOM will add a trillion riyals ($266 billion) to the Saudi stock market value. At least 1.2 trillion riyals in the beginning and the overall will increase after project completion to exceed 5 trillion," said the crown prince, who is the kingdom's de-facto ruler.

The Qatari benchmark rose 0.6%, with sharia-compliant lender Masraf Al Rayan jumping 5.2%.

Oil prices, a key catalyst for the Gulf's financial markets, rose for a second day on increasing concerns about tightening European supply after Russia, a key oil and natural gas supplier to the region, cut gas supply through a major pipeline.

Russia's cut in supplies will leave countries unable to meet their goals to refill natural gas storage ahead of the winter demand period. Germany, Europe's biggest economy, faces potentially rationing gas to industry to keep its citizens warm during the winter months.

In Abu Dhabi, equities dropped 0.4%, hit by a 0.6% fall in the country's biggest lender, First Abu Dhabi Bank .

Elsewhere, shares of energy firm Dana Gas retreated 1%, after two small rockets landed within the Khor Mor block in the Kurdistan region of Iraq Monday evening.

There were no injuries and production operations continue as normal.

Dubai's main share index fell 0.2%, with sharia-compliant lender Dubai Islamic Bank down 0.7%.