Economic news

Saudi Bourse Edges Higher in Early Trade; Qatar Falls

Dec 4 (Reuters) - Saudi Arabia's stock market rose in early trade on Monday on expectations global interest rates would ease, although falling oil prices limited gains.

Saudi Arabia's benchmark index edged 0.1% higher, with digital security firm Elm Company rising 0.5%.

On the other hand, oil behemoth Saudi Aramo eased 0.2%.

Oil futures reversed course after rising briefly amid persistent pressure from the OPEC+ decision and uncertainty over global fuel demand growth, although the risk of supply disruptions from the Middle East conflict limited the losses.

Geopolitical considerations were also front and centre of investors' minds as fighting resumed in Gaza. Three commercial vessels came under attack in international waters in the southern Red Sea, the U.S. military said on Sunday, as Yemen's Houthi group claimed drone and missile attacks on two Israeli vessels in the area.

The Qatari benchmark fell 0.3%, weighed down by a 1% fall in petrochemical maker Industries Qatar.

Qatar is demanding an "immediate, comprehensive and impartial international investigation" into what the Gulf country's prime minister described as Israeli crimes in Gaza, Qatar-based Al Jazeera TV reported on Sunday.

** Markets in the United Arab Emirates were closed for a public holiday.

Reporting by Ateeq Shariff in Bengaluru; Editing by Mrigank Dhaniwala

Source: Reuters

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