Mideast Stocks: Gulf bourses fall on weak oil prices; Dubai rises

Mideast Stocks: Gulf bourses fall on weak oil prices; Dubai rises

Most stock markets in the Gulf ended lower on Wednesday, weighed by falling oil prices as investors assessed the impact of the Omicron coronavirus variant on the global economy and fuel demand. Brent crude futures were up 32 cents, or 0.4%, at $75.76 a barrel at 1220 GMT, after earlier falling by more than $1. Saudi Arabia's benchmark index dropped 1.1%, with Al Rajhi Bank losing 2.3% and Banque Saudi Fransi sliding 4.5%. The Saudi-led coalition fighting in Yemen said on Tuesday it bombed military targets in the capital Sanaa after the Iran-aligned Houthis launched ballistic missiles and armed drones into Saudi Arabia, including at Aramco oil facilities in Jeddah. The tit-for-tat violence has escalated dramatically over the last months despite efforts by the United States and the United Nations to engineer a ceasefire in the seven-year-old war that has caused a dire humanitarian crisis. On the other hand, shares of Saudi Tadawul Group, the kingdom's stock exchange operator, gained more than 12% in its stock market debut. Tadawul had set its initial public offering price at 105 riyals a piece at the top end of the indicated range, raising 3.78 billion riyals ($1.01 billion) in the deal. Dubai's main