Most Middle East markets flat in trade as oil prices swing

Traders look at the screens at Bahrain Bourse in Manama, Bahrain, February 7, 2018. REUTERS/Hamad I Mohammed

Middle Eastern stock markets were mixed in trade on Monday, with Dubai’s main share index (.DFMGI) up more than 0.5%, as oil prices fluctuated.

Oil prices bounced around on Monday in see-saw trading, with some investors taking profits after signs of progress in the U.S.-Iran nuclear talks, while others kept bullish sentiment bolstered by rising consumption amid ongoing supply constraints.

Saudi Arabia’s benchmark index (.TASI) edged up 0.07%, boosted by materials and consumer staples.

Dubai’s main share index (.DFMGI) was up 0.56%. Index heavyweight Emirates NBD Bank (ENBD.DU) and Dubai Investments PJSC (ENBD.DU) drove gains.

Shares of Dubai Islamic Bank (DISB.DU) were up marginally after a document showed the United Arab Emirates’ largest Islamic lender has hired banks to arrange a sale of five-year U.S. dollar-denominated sukuk. read more

In Abu Dhabi, the index (.FTFADGI) was down 0.2%, after having risen marginally in the previous session.

Meanwhile, the Qatari index (.QSI) also dipped slightly to trade nearly flat. Losses in financial stocks offset the gains in industrials. Reporting by Tanvi Mehta in Bengaluru; Editing by Alex Richardson

This article was originally published by Reuters.

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