MIDEAST STOCKS-Saudi stocks set to end slide as most Gulf bourses edge higher

By Reuters News

- Most major Gulf bourses edged higher on Tuesday, with Saudi Arabia's benchmark index poised to snap a four-session losing streak, even as the kingdom extended the closure of Riyadh's King Khalid International Airport until Saturday.

The Saudi index .TASI rose 0.2%, helped by a 0.7% gain in Saudi National Bank 1180.SE, the country's biggest lender by assets. That recovered part of the bank's 1.2% drop on Monday.

Elsewhere, Dubai's main share index .DFMGI was flat in choppy trade, while the Abu Dhabi index .FTFADGI gained 0.2%.

In Qatar, the index .QSI added 0.3%, building on a rebound after hitting its lowest level in more than six years on Sunday.

Airlines have cancelled flights after attacks by Yemen's Iran-aligned Houthis emptied the skies over the Saudi capital. Qatar Airways said on Monday it had temporarily suspended flights to and from Riyadh and Dammam due to the situation.

UAE presidential adviser Anwar Gargash said on Monday there was a pressing need to revive joint Gulf action, particularly on security and defence. He said targeting Saudi Arabia undermined the security of all Gul.f states.

Offering some reassurance on energy security, Energy Minister Prince Abdulaziz bin Salman said on Monday that Saudi Arabia wants to raise its pipeline crude export capacity to as much as 10 million barrels per day.

The plan involves repurposing a domestic gas pipeline and investing in the existing East-West network, which carries crude to the Red Sea and avoids the Strait of Hormuz.

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