Mideast Stocks: Saudi bourse tracks oil prices lower; Dubai edges higher

Mideast Stocks: Saudi bourse tracks oil prices lower; Dubai edges higher

Saudi Arabian stocks snapped a two-session gaining streak to close lower on Tuesday, as oil prices slipped, while Dubai shares inched higher in volatile trade ahead of the U.S. midterm elections.

Crude prices — a key catalyst for the Gulf's financial markets — slipped as recession concerns and worsening COVID-19 outbreaks in top crude importer China heightened fears of lower fuel demand.

Chinese health authorities doused that speculation on Saturday, reaffirming the country's commitment to its strict zero-COVID policy.

Saudi Arabia's benchmark index dropped 1%, dragged down by a 2.3% fall in the country's biggest lender Saudi National Bank.

The Saudi market was in the red as oil prices could return to the downside, said Farah Mourad, Senior Market Analyst of XTB MENA.

"The mixed earnings results from local companies also pulled the market down."

Bindawood Holding Co dropped 9.7%, wiping off 686 million riyals ($182.49 million) from company's market cap, as the grocery retailer turned to quarterly losses.

Elsewhere, Arabian Drilling retreated 2.6%, a day after the oilfield services firm surged 23% on its debut.

Dubai's main share index added 0.2%, helped by a 0.6% rise in blue-chip developer Emaar Properties and a 0.8% increase in utility firm Dubai Electricity and Water Authority. Separately, the emirate's state