Mideast Stocks: Gulf bourses end mixed amid volatile oil prices

Mideast Stocks: Gulf bourses end mixed amid volatile oil prices

Stock markets in the Gulf ended mixed on Tuesday as oil prices were volatile and corporate news drove trading in some stocks. Crude prices, a key catalyst for the Gulf's financial markets, rose by about 1%, erasing earlier losses, as the market awaited clarity on talks to revive a deal that could allow more Iranian oil exports, and as bleak economic data from top crude buyer China limited gains.

Saudi Arabia's benchmark index gave up early gains to finish flat. The kingdom's consumer price index rose 2.7% in July from a year earlier, government data showed on Monday, accelerating from a 2.3% pace in June.

In Abu Dhabi, the index dropped 0.2%, hit by a 1.1% fall in conglomerate International Holding Co (IHC) as investors continued to lock in profits. Shares of IHC, the most valuable company on the Abu Dhabi bourse with a market capitalisation of around $167 billion, have risen over 120% so far this year. IHC, which straddles sectors from healthcare to real estate to IT and utilities, made 70 acquisitions at a total value of 10 billion dirhams ($2.72 billion) this year.

The Qatari benchmark added 0.4%, with petrochemical maker Industries Qatar advancing 1.2%. The Qatari stock market was