Mideast Stocks: Major Gulf markets mixed in early trade

Mideast Stocks: Major Gulf markets mixed in early trade

Major stock markets in the Gulf were mixed in early trade on Wednesday on global economic worries and volatile energy prices.

Saudi Arabia's benchmark index gained 0.3% and is on course to extend gains from the previous session, helped by a 0.7% rise in Al Rajhi Bank.

Elsewhere, Alinma Bank advanced 1.7% after it proposed a cash dividend of 0.50 riyal per share for the second half of 2022.

Oil prices - a key catalyst for the Gulf's financial markets - were little changed as a larger-than-expected draw in U.S. crude stocks offset worries about rising COVID-19 cases in top importer China.

Meanwhile, Saudi energy minister Prince Abdulaziz bin Salman said OPEC+ members leave politics out of the decision-making process and their assessments and forecasting.

OPEC+'s heavily criticised decision to cut oil output turned out to be the right one for supporting market stability and the industry, he added.

In Qatar, equities gained 0.6%, as most of the stocks on the index were in positive territory, including petrochemical maker Industries Qatar, which was up 1.3%.

The country, which just hosted the 2022 soccer World Cup, approved its 2023 fiscal year budget on Monday with revenue estimated to increase 16.3% next year, its finance minister said, thanks to