Mideast Stocks: Most Gulf markets take a breather; Abu Dhabi flat

Mideast Stocks: Most Gulf markets take a breather; Abu Dhabi flat

Saudi Arabia's benchmark index outperformed Gulf peers in early trade on Tuesday, having fallen more than 5% in the previous three sessions, on economic growth concerns.

The benchmark index in Saudi Arabia advanced 1.4%, boosted by a 1.3% rise in Retal Urban Development Co and a 1.5% gain in Al Rajhi Bank.

Among other gainers, oil behemoth Saudi Aramco added 1%.

Crude prices, a key factor for the Gulf's financial markets, rose more than 1%, after plunging to nine-month lows a day earlier, amid indications that producer alliance OPEC+ may enact output cuts to avoid a further collapse in prices.

Dubai's main share index rose 0.5%, on course to end four sessions of losses, led by a 3.2% leap in top lender Emirates NBD.

In Abu Dhabi, the index traded flat.

Companies in the United Arab Emirates are largely resisting demands for higher pay to offset the impact of inflation, according to a survey that showed two-thirds of companies have received requests for salary increases.

The Qatari index climbed 1%, with Qatar Islamic Bank rising 1.3%, while petrochemical maker Industries Qatar was up 1.4%.

However, Ooredoo fell 0.5%, after the telecom firm announced on Monday that it is preparing for a sale of 20,000 of its towers, with