Major Gulf markets mixed on muted oil prices, regional tensions

The United Arab Emirates president has issued a law establishing an artificial intelligence and advanced technology council, the Abu Dhabi Media Office said on Monday.

Saudi Arabia's benchmark index opens new tab eased 0.1 per cent, hit by a 9.9 per cent slide in MBC Group, opens new tab. (Image credit: Reuters)

Major stock markets in the Gulf were mixed in early trade on Tuesday, with the Saudi index on course to snap two sessions of gains, amid muted oil prices and rising tensions in the region.
Oil prices, a catalyst for the Gulf's financial markets, were little changed as traders weighed a host of conflicting supply and demand worries, from rising tensions in the Middle East to cold weather woes disrupting U.S. production.

Saudi Arabia's benchmark index opens new tab eased 0.1 per cent, hit by a 9.9 per cent slide in MBC Group, opens new tab. Public Investment Fund, the country's sovereign wealth fund, launched a $5 billion bond on Monday, capital markets publication IFR reported.

In Abu Dhabi, the index, a new tab was down 0.4 per cent, weighed by a 0.6 per cent fall in conglomerate International Holding, opens new tab. Meanwhile, Dubai's main share index (.DFMGI), opens a new tab gaining 0.4 per cent, helped by an 8.9 per cent rise in Mashreq Bank, opens a new tab.

Separately, the United Arab Emirates president has issued a law establishing an artificial intelligence and advanced technology council, the Abu Dhabi Media Office said on Monday. Elsewhere, U.S. and British forces carried out a fresh round of strikes targeting an underground storage site as well as missile and surveillance capabilities used by the Iran-aligned Houthi group. The Qatari benchmark opens a new tab adding 0.2 per cent, with petrochemical maker Mesaieed Petrochemical (MPHC.QA), opening new tab advancing 3.4 per cent.

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