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DUBAI / Reuters
The Saudi stock index may rise as crude oil prices held near a six-month high, while other Gulf markets more susceptible to foreign flows may follow the downtrend in Asian shares.
Brent was trading at $56.80 a barrel in Asia, staying near a March high struck on Friday.
Petrochemical makers, that account for roughly one-quarter of Saudi Arabia’s total market value, benefit from the rise in oil prices as it supports the producers’ gross margins.
MSCI’s broadest index of Asia-Pacific shares outside Japan handed back earlier modest gains and was last down 0.7 percent with losses across the regions weighing.
Rising political tension between North Korea and the United States, and concerns about China’s economy
undermined investor
sentiment. The Qatari index, however, may hold onto the gains made over the last four sessions — or even extend them — as it starts to slowly recover from a steep slide due to the decision of four Arab states in June to cut ties with Doha.