Mideast Stocks: Saudi bourse gains, Dubai extends losses ahead of U.S. debt-limit talks

Mideast Stocks: Saudi bourse gains, Dubai extends losses ahead of U.S. debt-limit talks

Saudi Arabia's benchmark index rose on Tuesday, while the Dubai bourse fell and was on course to extend losses for a fourth session as traders assessed lower oil prices and concerns over the U.S. government's debt-ceiling negotiations.

Oil futures traded sideways after mostly weaker-than-expected data from China muddied the outlook for demand from the world's top crude importer while U.S. plans to refill its Strategic Petroleum Reserve (SPR) underpinned prices.

However, an 18.9% rise in China's oil refinery throughput in April to the second highest on record helped keep a floor under crude prices.

Saudi Arabia's benchmark index gained 0.6%, with Dr Sulaiman Al-Habib Medical Services rising 1.7% and Al Rajhi Bank adding 0.8%.

Saudi Pharmaceutical Industries and Medical Appliances Corp jumped almost 10% following a surge in first-quarter earnings.

Dubai's main share index dropped 0.4%, hit by a 1.3% fall in blue-chip developer Emaar Properties and a 1.6% decline in Dubai Electricity and Water Authority .

In Abu Dhabi, the index was down 0.2%.

U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy on Monday prepared for critical debt-ceiling talks, with a little more than two weeks to go before the U.S. government could run short of money to pay its bills.

A first-ever