Gulf bourses mixed, tracking global mood

Stock markets in the Middle East were mixed on Tuesday as a degree of calm returned after discussions between Russia and Ukraine ended with no agreement except to keep talking.

Asian stocks regained some composure, while oil prices climbed as concerns over potential supply disruption amid Russia’s invasion of Ukraine outweighed talks of a coordinated global release of crude stocks to calm markets.

Saudi Arabia’s benchmark index (.TASI) rose 0.6%, a day after posting its biggest daily percentage gain since Feb. 14.

Financials rose, with Al-Rajhi Bank (1120.SE) and Saudi National Bank (1180.SE) up over 1%.

Scientific and Medical Equipment House (4014.SE) rose 17% in its second day of trading.

Dubai’s main index (.DFMGI) was up marginally.

Emirates Integrated Telecommunications Company (DU.DU) drove gains with a 2.6% rise. The company said on Monday it would hold a general meeting later this month seeking approval for its dividend and dividend policy.

In Abu Dhabi, the index (.FTFADGI) fell 0.5%, after marking its best session since Dec. 6 on Monday.

Abu Dhabi Ports Company (ADPORTS.AD) was up 0.3%, after the company said it had signed a deal for a metal park in Kizad.

The Qatari index (.QSI) edged 0.3% higher, boosted by heavyweights Qatar National Bank (QNBK.QA) and Qatar Islamic Bank (QISB.QA).

Qatar Gas Transport (QGTS.QA) was down nearly 5%, a day after it said shareholders approved raising foreign ownership to 100%.

Reporting by Tanvi Mehta in Bengaluru; Editing by Subhranshu Sahu

This article was originally published by Reuters.