By Shamsuddin Mohd
March 30 (Reuters) - Most major Gulf stock markets
closed higher on Thursday, in line with global peers and firmer
oil prices, amid improving investor sentiment underpinned by
hopes the banking sector crisis is over.
Oil prices, a key catalyst for gulf's financial markets,
rose on Thursday as a surprise drop in U.S. crude stockpiles and
a halt in exports from Iraq's Kurdistan region offset a
smaller-than-expected cut to Russian supplies.
Brent crude futures were up 49 cents, or 0.63%, to
$78.77 a barrel at 1145 GMT.
Separately, in an effort to move to next generation
leadership, UAE President Sheikh Mohammed bin Zayed Al Nahyan
has appointed his eldest son Sheikh Khaled as crown prince of
Abu Dhabi and named his brothers to top roles, state media said
on Wednesday.
Saudi Arabia's benchmark stock index rose 0.8%, led
by financials and healthcare stocks, with Al Rajhi Bank , Saudi Arabia's second-largest lender by assets, and
the Kingdom's largest lender by assets Saudi National Bank gaining 1.7% and 2.2%, respectively, while Dr Sulaiman
Al-Habib Medical Services was up 2.4%.
The index logged a weekly gain of 1.4%, which led to a solid
monthly gain of 4.8%.
Dubai's main share index advanced 0.7%, gaining for
a third consecutive session, boosted by solid gains in real
estate and utilities stocks.
The blue-chip developer Emaar Properties jumped
2.3%, and Emirates Central Cooling Systems Corporation ended 1.2% higher.
In Abu Dhabi, the benchmark index added 0.2%,
after closing flat on Wednesday, supported by a 0.8% gain in
First Abu Dhabi Bank , the UAE's largest lender, and a
4.3% hike in Alpha Dhabi Holding .
ADNOC Gas was up 1% after reporting a 32%
increase in its 2022 core earnings on a pro forma basis.
The benchmark stock index in Qatar closed almost
flat, as financial and telecoms stocks moved sideways, with
sharia-compliant lender Masraf Al Rayan increasing
nearly 3%, while telecoms operator Ooredoo fell 2.9%.
The benchmark registered a weekly gain of 2.1% but fell 3.4%
on monthly basis.
Qatari stock market could see fewer gains as natural gas
prices remain under pressure, said Daniel Takieddine, CEO MENA
at BDSwiss.
Elsewhere, Qatar's state-owned energy firm QatarEnergy on
Wednesday signed a deal to acquire stakes in two Canadian
offshore explorations block from ExxonMobil .
Outside the Gulf, Egypt's blue-chip index , closed
flat, with Commercial International Bank (CIB) ,
Egypt's biggest private bank, climbing 2.2%, while electronic
payments provider Fawry declining 2.6%.
The Index recorded an impressive weekly rise of 5.1% but
fell 3.4% on monthly basis.
SAUDI ARABIA rose 0.8% to 10,590
ABU DHABI was up 0.2% to 9,478
DUBAI added 0.7% to 3,426
QATAR was flat at 10,213
EGYPT flat at 16,419
BAHRAIN eased 0.4% to 1,887
OMAN edged up 0.2% 4,863
KUWAIT inched up 0.5% to 7,822
(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Krishna
Chandra Eluri)
