Mideast Stocks: Aramco bolsters Saudi index; Dubai eases

Mideast Stocks: Aramco bolsters Saudi index; Dubai eases

Stock markets in the Gulf ended mixed on Tuesday, with Aramco's quarterly earnings lifting the Saudi index, while lower oil prices weighed on the sentiment.

Saudi Arabia's benchmark index rose 0.4%, buoyed by a 3.2% jump in oil behemoth Saudi Aramco after its first-quarter earnings beat market expectations, despite falling 19% over last year. Net profit was 3.75% higher than in the fourth quarter, and the company said it would pay $19.5 billion in dividends for the first quarter. Aramco was looking at introducing performance-linked dividends, in addition to its base distribution, CEO Amin Nasser said in a statement.

Among other gainers, National Shipping Company of Saudi Arabia advanced 2.6%, after reporting a steep rise in its quarterly profit. Dubai's main share index fell 0.3%, hit by a 1.8% fall in Emirates Central Cooling Systems Corporation , while Aramex slid 4.6% as the logistics firm is slated to report its first-quarter earnings. In Abu Dhabi, the index finished flat.

The Abu Dhabi bourse saw more downward pressures with some companies missing earnings estimates and oil prices returning to the downside, said Farah Mourad, senior market analyst at XTB MENA.

Oil prices — a key catalyst for the Gulf's financial markets — fell, relinquishing some