Saudi stocks bounce back, major Gulf markets end mixed

Saudi Arabian shares closed higher on Tuesday, snapping three straight sessions of losses, while major Gulf stock markets ended the day mixed.

Saudi Arabia’s benchmark index (.TARSI) closed about 0.8 per cent higher after three days of declines triggered by regional tensions with Yemen’s Iran-aligned Houthis, who claimed responsibility for drone attacks in several parts of the kingdom, including at Saudi Aramco facilities in Jeddah.

Market-heavyweight Al Rjahi Bank (1120.SE) rose 2.1 per cent and Saudi Arabian Mining (1211.SE) jumped 4.5 per cent, while the oil giant Saudi Aramco (2222.SE) gained 1 per cent.

In Abu Dhabi, the index (.ADI) gained nearly 0.8 per cent as Emirates Telecommunications Group (Etisalat)(ETISALAT.AD) increased 2.8 per cent and International Holding Company (IHC.AD) rose 2 per cent.

Etisalat rose for a third straight day, riding on last week’s agreement to acquire Dubai-based grocery delivery platform elGrocer DMCC.

The Dubai index (.DFMGI) fell 0.9 per cent in its third straight day of decline, as property and financial shares weighed the most.

Emaar Properties (EMAR.DU), which completed a merger with its shopping malls operator unit Emaar Malls, fell 2 per cent, while lenders Dubai Islamic Bank and Emirates NBD (ENBD.DU) dropped 1.9 per cent and 1.8 per cent, respectively.