Crude prices — a key catalyst for the Gulf's financial markets — eased on Thursday with Brent crude sliding 0.3% to $84.08 at 0839 GMT. Saudi Arabia's benchmark stock index jumped 1.1%, a third positive day for the index, boosted by gains in almost all the sectors. Banks were among the top gainers. Al Rajhi Bank , the world's largest Islamic bank by market value, and Riyad Bank , jumped 2.5% and 2.9%, respectively. Oil giant and index heavyweight Saudi Aramco rose nearly 1%.
Aramco agreed to take a minority stake in a new powertrain engine company that French car maker Renault SA and China's Geely Automobile Holdings Ltd plan to set up jointly. Among other stocks, National Shipping Company Of Saudi Arabia (Bahri) climbed 2.4% after signing worth about 1.53 billion riyals ($407.70 million) agreement with shareek program to support gas transportation sector Utility firm ACWA Power jumped 2.9% after reporting more than double in annual profit to 1.54 billion riyals ($410.36 million). In Abu Dhabi, the benchmark index gained 0.3%, led by a nearly 1% jump in UAE's top lender First Abu Dhabi Bank (FAB). The Qatari stock index also rose 0.4%, extending gains third straight session, as most of the constituent stocks traded higher, with Energy and financial stocks were among the top boosts. Oil and gas services firm Qatar Fuel jumped 3.7% and heavyweight Commercial Bank hiked 0.8%. But Dubai's main share index fell 0.3%, dragged down by its real estate and financial stocks. Blue-chip developer Emaar Properties declined dived 0.5%, while top lender Emirates NBD Bank was down 0.7%. ($1 = 3.7528 riyals) (Reporting by Shamsuddin Mohd in Bengaluru; editing by Uttaresh Venkateshwaran)
