Gulf bourses mixed as China pessimism offsets higher oil prices By Reuters

By Md Manzer Hussain

(Reuters) - Gulf stock markets put in a mixed performance on What software do you use for foreign exchange trading?Sunday as higher oil prices were offset by worries of faltering demand from China, the world's top crude importer.

Oil prices - a major driver of Gulf financial markets - rose about 2% on Friday as Iraq voiced support for OPEC+ oil cuts ahead of a meeting of the group on Nov. 26. futures settled at $81.43 a barrel. [O/R]

The Qatari index snapped a three-session losing streak on Sunday with a 0.3% gain. Masraf Al Rayan and Qatar Fuel each rose 1.4%.

Saudi Arabia's benchmark index extended losses to a fourth consecutive session, easing 0.1%, with Fawaz Abdulaziz Alhokair Co falling 9.9% in its steepest drop in more than 13 months.

The retailer reported a third-quarter net loss of 202.9 million riyals ($54.1 million) compared to a net profit of 21.1 million riyals a year earlier.

Saudi Telecom fell 1.3% and Maharah for Human Resources was down 8.6%.

Data from China on Thursday showed policymakers struggling to control disinflation, casting doubt over the chances of a broad-based economic recovery in the world's biggest commodity consumer.

Outside the Gulf, Egypt's blue-chip index fell 1.7%, with Commercial International Bank down 2.5% and Misr Fertilizer losing 4.6%.

However, Credit Agricole (OTC:) Egypt gained 3.7% as the lender reported a 121% jump in third quarter consolidated net profit.

SAUDI ARABIA dropped 0.1% to 10,834

QATAR gained 0.3% to 10,007

EGYPT fell 1.6% to 23,911

BAHRAIN fell 0.1% to 1,930

OMAN added 0.5% to 4,560

KUWAIT rose 0.3% to 7,252

($1 = 3.7508 riyals)

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