Most Gulf stock markets rise as oil prices hold steady

Most Gulf stock markets ended higher on Thursday, with Saudi Arabia rebounding from a two-year low, as steady oil prices created a more positive mood.

Oil — a key catalyst for Gulf financial markets — held firm after reports Washington was preparing new measures targeting Russian crude, while traders also assessed potential disruptions tied to a Venezuelan tanker blockade.

Saudi Arabia’s benchmark stock index rose 0.4% after touching its lowest level in about two years, with most sectors advancing.

Saudi National Bank added 1.1%, while Saudi Arabian Mining Co (Ma’aden) jumped 4% after the miner said it received the Ministry of Energy’s approval for feedstock allocation for its Phosphate 4 project.

The Abu Dhabi benchmark index snapped a four-session losing streak to close 0.5% higher, led by gains in financials and energy. First Abu Dhabi Bank climbed 1.5% and ADNOC Gas rose 0.6%.

Separately, Abu Dhabi National Oil Company secured $11 billion in structured financing to monetise future gas production from its Hail and Ghasha development.

Dual-listed Orascom Construction fell 3.4% after Norbury Capital said on Wednesday it would contest fertiliser maker OCI’s proposed merger with Orascom Construction in its current form, arguing it undervalues OCI and disadvantages minority shareholders.

The Qatari benchmark index extended losses for a fourth session, closing down 0.7% as most stocks declined. Industries Qatar slid 2% and Qatar National Bank — the region’s largest lender — fell 1.3%.

Separately, state-owned QatarEnergy lowered the term premium for February-loading al-Shaheen crude after weakness in spot benchmark premiums, sources said.

Dubai’s benchmark stock index  slipped 0.5%, dragged down by a 9.6% drop in Gulf Navigation Holding and a 0.7% decline in Emaar Properties .

Tecom Group rose 2.5% after the business districts operator said it launched a 615 million dirham innovation hub in Dubai Internet City to meet rising office-space demand.

Outside the Gulf, Egypt’s blue-chip index fell 0.6% for a third straight session as broad-based weakness persisted. Eastern Company dropped 5.6%, while Commercial International Bank fell 2.7%.