Major stock markets in the Gulf edged higher in early trade on Wednesday, on course to claw back some of its losses from the previous session, although the Saudi index bucked the trend to trade lower.
Saudi Arabia's benchmark index (.TASI) dropped 0.4%, hit by a 2.6% fall in the country's biggest lender Saudi National Bank (1180.SE) and a 1.5% decline in Al Rajhi Bank (1120.SE). The index had fallen more than 2% on Tuesday.
The International Monetary Fund lowered its 2024 forecast for economic growth in Saudi Arabia to 2.7% on Tuesday, projecting a slower recovery amid lower oil production, but said non-oil growth this year was expected to remain "robust".
Saudi Arabia's government on Tuesday ordered state oil company Aramco (2222.SE) to halt its oil expansion plan and to target a maximum sustained production capacity of 12 million barrels per day (bpd), 1 million bpd below a target announced in 2020.
Shares of Aramco were down 0.2%.
Shares of Aramco were down 0.2%.
Oil prices - a catalyst for the Gulf's financial markets - fell as lacklustre economic activity in China, the world's biggest crude importer, weighed on sentiment, but prices were set for their first monthly gain since September as broadening Middle East conflicts raised supply concerns.
Dubai's main share index (.DFMGI) added 0.2%, helped by a 1.1% rise in blue-chip developer Emaar Properties (EMAR.DU), while Tecom Group (TECOM.DU) advanced 2.2% following a sharp rise in annual profit.
In Abu Dhabi, the index (.FTFADGI) added 0.1%.
On Tuesday, Hamas said it had received and was studying a new proposal for a ceasefire and release of hostages in Gaza, presented by mediators after talks with Israel, in what appeared to be the most serious peace initiative for months.
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