Mideast Stocks: Most Gulf markets gain as investors shrug off US debt-ceiling talks

Mideast Stocks: Most Gulf markets gain as investors shrug off US debt-ceiling talks

Most stock markets in the Gulf ended higher on Wednesday as investors shrugged off concerns around the U.S. government's debt-ceiling negotiations. U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy on Monday prepared for the critical debt-ceiling talks, with a little more than two weeks to go before the government could run short of money to pay its bills.

Saudi Arabia's benchmark index gained 0.6%, driven by a 3.6% jump in the country's biggest lender Saudi National Bank and a 3% increase in Riyad Bank. The Saudi stock market remains in a positive direction overall, but is starting to see some challenges to maintaining clear gains, said Gabi Dahduh, Senior Relationship Manager at CAPEX.com.

"The main index could be weighed by the deteriorating conditions in oil markets over the short to medium term." Prices of oil - a key catalyst for the Gulf's financial markets - were steady after a surprise rise in U.S. crude inventories stoked demand concerns as economic worries competed with a tighter supply outlook for later in the year. However, oil giant Saudi Aramco finished 0.9% lower as the firm went ex-dividend.

The Qatari index outperformed the region to close 2% higher, as most of the