Gulf equity markets were mixed Sunday amid pressure as a result of weakness in global stocks brought about by the protracted US debt talks. Saudi, Dubai and Qatar stock indices registered gains, withstanding the pressure. The Saudi stock benchmark Tadawul All Share Index climbed 0.57 percent to close at 6,392.12 points, with all sectoral indices posting gains, except retail and multi-investment, as bargain hunters picked up banking and petrochemical stocks. Banks rose with Samba Financial Group gaining 0.2 percent and Riyad Bank climbing 1.6 percent. Al Rajhi Bank was flat. Petrochemical giant Saudi Basic Industries Corp. (SABIC) gained 0.5 percent after losing 1.9 percent Saturday. Investors however, are mixed about earnings results from the banking sector. “On the whole, there is a touch of growth in Saudi banks, although the biggest players such as Al Rajhi and Samba are still struggling with any meaningful growth,” said Ibrahim Masood, senior investment officer at Mashreq Bank. Qatar's Index rose 0.3 percent to 8,403 points, rising from Thursday's four-week low. Dubai's DFM General Index inched up 0.8 percent, the most since July 13, to 1,517.58 at close. “Given the poor seasonal liquidity, market moves can get exaggerated,” Masood said. Kuwait's index dropped to a 13-day low, down 0.4 percent to 6,014 points. Bahrain's BB All Share Index fell 0.5 percent. Abu Dhabi's ADX General Index decreased 0.3 percent. Oman's MSM 30 Index dipped 0.7 percent to 5,808 points, its lowest close since July 2009.
