Most Gulf bourses advance as Saudi defence pact countries push for peace

Most Gulf stock markets rose on Tuesday as diplomatic contacts involving Saudi Arabia, Turkey and Pakistan in Tehran coincided with efforts to ease the Middle East conflict, Business Recorder reported. Saudi Arabia’s benchmark gained 2.3%, Dubai advanced 2% and Abu Dhabi added 1.1%, while Qatar climbed 3.4%, its strongest session since April. Bahrain and Oman slipped, whereas Kuwait finished higher.

Saudi shares were supported by gains in Al Rajhi Bank and Saudi Aramco, while First Milling Company and Methanol Chemical Company rose after reporting improved quarterly results. Dubai’s advance included a 3.4% rise in Emaar Properties, and Qatar National Bank gained 3.1%; Egypt’s blue-chip index also rose 3.5%. Despite improving sentiment, shipping disruption risks remain, and the Houthis claimed an attack on Saudi Arabia’s Ras Tanura refinery. OPEC+ is expected to leave December oil output targets unchanged, according to sources cited by Reuters.