Saudi and Qatari indexes extended gains on Thursday, supported by higher oil prices as investors adjusted positions ahead of an OPEC+ decision on supplies, while markets in the United Arab Emirates were closed for a public holiday.
Brent crude futures rose 35 cents, or 0.5%, to $69.22 a barrel by 1215 GMT while US West Texas Intermediate (WTI) crude futures gained 29 cents, or 0.4%, to $65.86.
Saudi Arabia's benchmark index rose 0.3%, with Saudi National Bank increasing 1.8% and Saudi Telecom adding 2.3%. However, the index registered its third weekly loss.
This week's losses mainly include a 4.5% slump on Sunday, its biggest single-day fall in nearly two years, triggered by the panic over the Omicron coronavirus variant.
Saudi Arabia on Wednesday reported its first case of the variant.
In Qatar, the benchmark gained 0.4% as Gulf's largest lender Qatar National Bank jumped 2.9 % and Industries Qatar added 1.7%.
However, sharia-compliant lender Masraf Al Rayan dropped about 3% after rising as much as 3% in last session as it completed a merger with Al Khalij Commercial Bank
Saudi stocks see biggest fall in over a year after drone attacks
The Qatari index registered its third consecutive weekly loss. Outside the Gulf, Egypt's blue-chip index declined 0.9%, dragged by a 1.1% slide in country's top lender Commercial International Bank.
SAUDI ARABIA .TASI edged up 0.3% to 10,883
QATAR .QSI gained 0.4% to 11,603
EGYPT .EGX30 declined 0.9% to 11,318
BAHRAIN .BAX was up 0.7% to 1,762
OMAN .MSX30 fell 0.3% to 3,995
KUWAIT .BKP rose 0.2% to 7,533
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