RIYADH: Saudi Arabian Oil Co. shares rose nearly 3 percent in intraday trading on March 1, outperforming regional markets as escalating tensions in the Middle East weighed on Gulf equities.
The stock climbed as much as 3.2 percent to SR25.76 ($6.87) before easing slightly to SR25.64, up 2.72 percent from the previous close of SR24.96, according to Tadawul data. More than 12 million shares were traded, with turnover exceeding SR306 million as of 12:20 p.m. Saudi time.
The gains came even as most Gulf markets declined after Israel and the US launched strikes on Iran, triggering retaliatory attacks and raising fears of a broader regional conflict.
The Kingdom’s benchmark Tadawul All Share Index dropped as much as 4.6 percent in early trading, putting it on track for its sharpest intraday fall since April, Reuters reported.
Elsewhere in the region, Boursa Kuwait suspended trading as a precautionary measure. Oman’s main index trimmed losses to 1.5 percent after falling more than 3 percent earlier, while Bahrain’s benchmark slipped 0.6 percent. Qatar’s market was closed for a bank holiday.
