Gulf stocks up on Tuesday opening

Major stock markets across the Gulf region opened higher on Tuesday, clawing back some recent losses as anxieties over wider geopolitical conflict subsided, as reported by Reuters.

Saudi Arabia’s key index, the TASI, jumped 0.6 per cent, fuelled by a 0.5 per cent gain in oil giant Saudi Aramco.

The company also revealed it’s in talks to acquire a 10 per cent stake in China’s Hengli Petrochemical, a move that would solidify Aramco’s downstream presence in the Chinese market.

Dubai’s main share index mirrored the positive trend, climbing 0.5 per cent. This rise was led by a strong one per cent gain from blue-chip developer Emaar Properties.

Abu Dhabi’s index also joined the upward trajectory, registering a 0.2 per cent increase.

Oil prices, a key driver for Gulf financial markets, edged higher after a previous session decline. Investors continue to weigh the geopolitical risks emanating from the Middle East.

Qatar’s benchmark index was also on track for a positive turnaround, adding 0.5 per cent and potentially snapping a three-day losing streak. Gains were driven by a 1.1 per cent rise in the Gulf’s largest lender, Qatar National Bank.