Most Gulf markets take a breather; Abu Dhabi flat

Saudi Arabia’s benchmark index outperformed Gulf peers in early trade on Tuesday, having fallen more than 5% in the previous three sessions, on economic growth concerns, Reuters reported.

The benchmark index .TASI in Saudi Arabia advanced 1.4%, boosted by a 1.3% rise in Retal Urban Development Co 4322.SE and a 1.5% gain in Al Rajhi Bank 1120.SE.

Among other gainers, oil behemoth Saudi Aramco 2222.SE added 1%.

Crude prices, a key factor for the Gulf’s financial markets, rose more than 1%, after plunging to nine-month lows a day earlier, amid indications that producer alliance OPEC+ may enact output cuts to avoid a further collapse in prices.

Dubai’s main share index .DFMGI rose 0.5%, on course to end four sessions of losses, led by a 3.2% leap in top lender Emirates NBD ENBD.DU.

In Abu Dhabi, the index .FTFADGI traded flat.

Companies in the United Arab Emirates are largely resisting demands for higher pay to offset the impact of inflation, according to a survey that showed two-thirds of companies have received requests for salary increases.

The Qatari index .QSI climbed 1%, with Qatar Islamic Bank QISB.QA rising 1.3%, while petrochemical maker Industries Qatar IQCD.QA was up 1.4%.

However, Ooredoo ORDS.QA fell 0.5%, after the telecom firm announced on Monday that it is preparing for a sale of 20,000 of its towers, with sources close to the matter saying it has engaged Morgan Stanley MS.N to work on the deal.