March 1 (Reuters) - Gulf stocks inched higher on
Wednesday, as oil prices extended gains after strong China
manufacturing activity data boosted the outlook for global fuel
demand.
China's manufacturing activity expanded at the fastest pace
in more than a decade in February, an official index showed,
smashing expectations as production zoomed after the lifting of
COVID-19 restrictions late last year.
Oil prices, a major driver for Gulf economies, rose 0.5% by
0800 GMT. Saudi Arabia's benchmark stock index climbed 0.7%,
starting March on a strong note after a 6.6% decline last month.
Financials were among the top boosts, with most banks
trading in positive territory. Al Rajhi Bank , the
world's largest Islamic bank by market value, and Riyad Bank gained 1% and 2.9%, respectively.
Dubai's benchmark stock index edged up 0.1%,
lifted by real estate and industrial stocks. Blue-chip developer
Emaar Properties advanced 1.7% and tolls operator
Salik added 2.3%.
In Abu Dhabi, the benchmark stock index climbed
0.1%, led by a 0.3% gain in First Abu Dhabi Bank , the
United Arab Emirates' biggest lender, and a 0.6% lift in Alpha
Dhabi Holding .
Emirates Insurance surged nearly 15% after
proposing 50 fils per share in annual dividend.
Abu Dhabi Aviation jumped more than 8% after
the helicopter operator said its board would discuss ADQ offer
and seek shareholders' nod for the same.
In October, Abu Dhabi sovereign wealth fund ADQ said it had
made an offer to take a controlling stake in Abu Dhabi Aviation
and merge it with ADQ stakes in Etihad Engineering, AMMROC and
GAL to create a "globally competitive aviation business".
The Qatari Stock index was up 0.1%, helped by
industrial and energy stocks.
Petrochemical maker Industries Qatar jumped 1.2%,
while Qatar Gas transport Nakilat was up 1.2%.
Utility firm Qatar Electricity And Water gained
almost 1% after saying it had agreed in principle with KAHRAMAA
to extend an agreement for the sale and purchase of electricity
from RAF B1 station until the end of 2029.
(Reporting by Shamsuddin Mohd in Bengaluru; Editing by
Subhranshu Sahu)
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