Global share rally, rising oil prices buoy Gulf bourses

Major stock markets in the Middle East registered sharp gains on Thursday, tracking a rise in global equities and a recovery in oil prices, with Qatar outperforming the region.

Brent oil climbed to a 13-month high of $67.30, after US government data on Wednesday showed a drop in crude output as a deep freeze in Texas disrupted production last week.

Saudi Arabia's benchmark share index rose 0.9%, with Al Rajhi Bank rising 2% and Saudi Telecom Company climbing 3.3%.

The kingdom raised 1.5 billion euros ($1.83 billion) on Wednesday in a two-tranche bond deal after receiving orders for more than 3.75 billion euros, a document showed.

Potentially weighing on Saudi stocks in coming days is a declassified version of a US intelligence report expected to be released later on Thursday, which found that Saudi Crown Prince Mohammed bin Salman approved the 2018 killing of journalist Jamal Khashoggi, Reuters reported, citing four US officials familiar with the matter.

On Wednesday, US President Joe Biden told reporters that he had read the report and expected to speak soon by phone with Saudi Arabian King Salman, father of the crown prince.

Dubai's main share index added 0.8%, buoyed by a 2.3% gain in Emirates NBD Bank and a 5.4% surge in DAMAC Properties.

In Abu Dhabi, however, the index traded flat as gains in Abu Dhabi Islamic Bank were offset by losses in the country's largest lender First Abu Dhabi Bank.

The Qatari index advanced 1.7%, snapping a six-day losing streak, boosted by a 2.7% gain in petrochemical maker Industries Qatar.

Outside the Gulf, Egypt's blue-chip index finished 1.6% higher, led by a 1.7% gain in top lender Commercial International Bank.