Mideast equity markets mixed with oil prices in focus

Mideast equity markets mixed with oil prices in focus

Equity markets in the Middle East were mixed as investors focused on the prospect for oil prices amid signs of stumbling economic recovery from Europe to Asia and woes of a delayed rebound in demand.

Kuwait's main equity index led losses in the region. Aramco shares also dropped, while the Saudi Tadawul All Share Index traded slightly higher. Gauges in Bahrain and Israel advanced.

Brent crude fell 1.2 per cent on Friday as Europe's economy unexpectedly lost momentum amid a battle to control a spike in coronavirus cases. Aramco has suspended a deal to build a $10bn refining and petrochemicals complex in China, according to people familiar with the matter, as it slashes spending to cope with lower oil prices.

Markets in the United Arab Emirates and Oman were