Most Gulf markets rise in early trade

Most stock markets in the Gulf rose in early trade on Monday, tracking global peers, while Abu Dhabi struggled to pick up amid weaker oil prices.

The Qatari benchmark index increased 0.7%, lifted by gains in all sectors in positive territory with Qatar Islamic Bank jumping 1.9% and Industries Qatar surging 1.3%.

Separately, state-owned Qatar Energy could sign a long-term deal to provide liquefied natural gas (LNG) to Indian buyers on cheaper and more flexible terms than existing contracts, trade sources said.

Saudi Arabia’s benchmark stock index was up 0.5%, supported by a 9.9% surge in media giant MBC Group and 1.2% rise in Saudi Basic Industries Corp(SABIC).

Saudi chemical manufacturer SABIC has given the go-ahead for a $6.4 billion China petrochemical plant, it said in an exchange filing on Sunday.

Dubai’s benchmark stock index edged up 0.2%, aided by gains in the financial sector with Emirate’s largest lender Emirates NBD rising 0.9% and Emaar Properties adding 0.7%.

Most Gulf bourses rise, Qatar falls

Meanwhile, oil prices - a catalyst for the Gulf’s financial markets - fell 0.3% on Monday with Brent trading at $78.35 a barrel by 0745 GMT.

In Abu Dhabi, the benchmark stock index retreated 0.4%, weighed down by a 0.6% slide in conglomerate International Holding Company and 1.3% drop in Multiply Group.