Mideast Stocks: Major Gulf Markets Mixed Amid Subdued Crude Oil

Major Gulf equity markets were mixed in early trading on Tuesday, with corporate earnings providing limited uplift to investor sentiment amid subdued crude prices, although the easing of U.S.-China trade tensions lent some support.

Top Chinese and U.S. economic officials hashed out the framework of a deal for U.S. President Donald Trump and Chinese President Xi Jinping to decide on later this week, easing fears that tariffs and export curbs between the world's top two oil consumers could dent global growth. 

Saudi Arabia's benchmark index gained 0.4%, led by a 0.6% rise in Saudi National Bank , the country's biggest lender by assets.

However, Leejam Sports plunged 10% to be the biggest loser on the Saudi index, following a steep fall in third quarter profit.

The sports firm - on course for its biggest intraday fall in nearly six-months - also slashed its quarterly dividend to 0.95 riyal per share from 2.14 riyals.

Dubai's main share index added 0.2%, helped by a 1.7% rise in blue-chip developer Emaar Properties.

In Abu Dhabi, the index dropped 0.4%, hit by a 3% slide in Abu Dhabi Commercial Bank, even as the lender reported a rise in third-quarter profit. The country's sovereign wealth fund Mubadala, the bank's largest shareholder, plans to exercise all of its rights to subscribe in full for its proportional entitlement of the new shares in a rights issue.

Oil prices eased on a Reuters report that eight OPEC+ nations are leaning towards making another modest increase in oil output for December when they meet on Sunday, as Saudi Arabia pushes to reclaim market share.

The Qatari index lost 0.2%, with Qatar Aluminum Manufacturing Company dropping more than 3%, after reporting a mere 0.5% increase in quarterly profit.

($1 = 3.6729 UAE dirham)