Major Gulf markets mixed; #Saudi to snap 7-day winning streak | Reuters

Major Gulf markets mixed; Saudi to snap 7-day winning streak | Reuters

Major stock markets in the Gulf were mixed in early trade on Tuesday amid falling oil prices, with the Saudi index on course to snap a seven-day winning streak.

Oil prices slipped on Tuesday, erasing Monday's gains as mixed economic data from second-largest oil consumer China and winter demand worries offset the impact of Saudi Arabia and Russia extending output cuts.

Saudi Arabia's benchmark index (.TASI) fell 0.2%, and was on course to end seven straight sessions of gains, as Lumi Rental (4262.SE) fell 0.8%.

The auto rental firm recorded a quarterly net profit of 35 million riyals ($9.3 million), up from 30.5 million riyals last year but down 30% in sequentially.

Meanwhile, Malath Cooperative Insurance (8020.SE) plunged about 9% after posting a quarterly loss.

On the other hand, oil giant Saudi Aramco (2222.SE) rose 0.5% after reporting a 23% drop in third-quarter net profit, which marginally beat analyst estimates.

Saudi Arabia, OPEC's de facto leader, said it would continue with voluntary oil output cut of 1 million barrels per day (bpd) until the end of the year and review the decision next month.

The Qatari benchmark (.QSI) dropped 0.5%, dragged by a 1.7% decline in petrochemical maker Industries Qatar (IQCD.QA) and a 1.3% decrease in Islamic lender Masraf Al Rayan (MARK.QA).

Elsewhere, Dubai's main share index (.DFMGI) gained 0.5%, with toll operator Salik (SALIK.DU) rising 1.3% and blue-chip developer Emaar Properties (EMAR.DU) trading 0.9% higher.

Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum approved a budget of 246.6 billion dirham ($67.14 billion) for the emirate's government in 2024-2026, the Dubai media office said on Monday.

In Abu Dhabi, the index (.FTFADGI) added 0.2%.