April 17 (Reuters) - Most stock markets in the Gulf
ended higher on Monday as oil prices hold above $85 a barrel
with the Saudi index hitting its highest since November.
Crude prices were steady as investors eyed Chinese
first-quarter gross domestic product (GDP) due on Tuesday for
signs of demand recovery in the world's second-largest oil
consumer.
The data is expected to be positive for commodity prices,
with the International Energy Agency (IEA) forecasting it will
account for most of 2023 demand growth.
Saudi Arabia's benchmark index gained 1.2%, hitting
its highest since November, buoyed by a 4.7% jump in oil giant
Saudi Aramco .
The Saudi stock market continued to extend gains, supported
by positive sentiment and strong local fundamentals, said Farah
Mourad, Senior Market Analyst of XTB MENA. "However, the main
index could be exposed to some price corrections if investors
move to secure their gains at the next open."
Dubai's main share index gained 0.6%, with
blue-chip developer Emaar Properties advancing 2.2%.
In Abu Dhabi, the index finished 0.2% higher.
Abu Dhabi Commercial Bank , the UAE's third-biggest
lender, reported a 27% rise in first-quarter net profit, boosted
by higher net interest and non-interest income. Shares in the
lender were flat.
The Qatari index retreated 0.6%, hit by a 2.3% slide
in petrochemical maker Industries Qatar .
The Egyptian bourse was closed for a public holiday.
SAUDI ARABIA rose 1.2% to 11,154
ABU DHABI up 0.6% to 3,514
DUBAI down 0.1% to 2,539
QATAR dropped 0.6% to 9,999
BAHRAIN was flat at 1,884
OMAN rose 0.3% to 4,772
KUWAIT added 0.9% to 7,874
(Reporting by Ateeq Shariff in Bengaluru; editing by John
Stonestreet)
