Oil prices - a key catalyst for Gulf's financial markets -
extended gains from the previous session amid supply disruption
risks from Iraqi Kurdistan and hopes that turmoil in banking is
being contained, with Brent crude futures gained 61
cents, 0.8%, to $78.73 a barrel by 1006 GMT. "Improving sentiment has benefited GCC stock markets where
performances were in the red lately as receding concerns over
the US and European banking sectors have brought some relief for
investors," said Ahmed Negm, head of market research MENA at
XS.com.
The Qatari benchmark index climbed more than 2%, as
19 of the 20 constituent stocks ended higher.
Sharia-compliant lender Masraf Al Rayan jumped
over 6%, its biggest gain in more than 3 years, while chemical
makers Industries Qatar was up 2.9%.
Dubai's main share index added 1.7%, after three
days of losses, boosted by strong gains in banking and property
stocks, with lender Dubai Islamic Bank rising 4.9% and
blue-chip developer Emaar Properties increasing 4.8%.
Abu Dhabi's share index also rose 0.4% after
three consecutive sessions of declines, led by a 0.9% rise in
UAE's largest lender First Abu Dhabi Bank and a 3.4%
jump in Aldar Properties .
Saudi Arabia's benchmark index closed flat, as gains
in healthcare sectors were offset by losses in financials, with
Dr. Sulaiman Al-Habib Medical Services gaining 3.8%
but Al rajhi Bank falling 1.5%.
Outside the Gulf, Egypt's blue-chip index slipped
for a second day to close 0.3% lower, with index heavyweight
Commercial International Bank Egypt falling 3.9% and
EFG Hermes dipping 1.7%.
SAUDI ARABIA was flat at 10,468
ABU DHABI up 0.4% to 9,457
DUBAI climbed 1.7% to 3,384
QATAR jumped 2.1% to 10,308
EGYPT down 0.3% to 15,906
BAHRAIN edged up 0.1% to 1,880
OMAN rose 0.1% 4,859
KUWAIT inched up 0.2% to 7,785
(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Rashmi Aich)
