Most major stock markets in the Gulf rose in early trade on Tuesday, tracking higher oil prices, although the Abu Dhabi index bucked the trend to trade flat.
Oil prices - a key catalyst for the Gulf’s financial markets - rose for a fourth consecutive session as weak US shale output spurred further concerns about a supply deficit stemming from extended production cuts by Saudi Arabia and Russia.
Saudi Arabia’s benchmark index gained 0.3%, and was on course to end two sessions of losses, helped by a 1.1% increase in petrochemical maker Saudi Basic Industries Corp and a 0.4% rise in Al Rajhi Bank.
Saudi Arabian Energy Minister Prince Abdulaziz bin Salman on Monday defended OPEC+ cuts to oil supply, saying international energy markets need light-handed regulation to limit volatility.
Oil giant Saudi Aramco was up 0.3%.
Separately, the kingdom is in early talks with US electric automaker Tesla to set up a manufacturing facility in the kingdom, the Wall Street Journal reported on Monday, citing sources familiar with the matter.
Dubai’s main share index added 0.3%, with top lender Emirates NBD advancing 1.5% and blue-chip developer Emaar Properties rising 0.6%.
In Qatar, the index rose 0.5%, as most of the stocks were in positive territory, including petrochemical firm Industries Qatar, which was up 1%.
The Abu Dhabi index, however bucked the trend to trade flat at 9,821.
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