Most Gulf markets track oil prices higher; Egypt falls

Major Gulf stock markets ended higher on Wednesday, with Saudi Arabia extending gains into a seventh session amid rising oil prices, while financials dragged down the Egyptian index.

Brent crude rose 1.2% to $71.09 a barrel by 1011 GMT, supported by an OPEC+ decision to stick to its plan to restore supply to the market gradually and by the slow pace of nuclear talks between Iran and the United States.

Saudi Arabia's benchmark stock index rose 0.6%, helped mostly by the financials and material sectors.

Saudi National Bank climbed 1.9% and Saudi Basic Industries gained 1%.

Almarai jumped 3.1% after the consumer food and beverage company signed an agreement to acquire Binghatti Beverage's production facility in the United Arab Emirates for 215 million dirhams ($58.54 million).

Trading in the Tadawul securities market was suspended for less than an hour due to a technical glitch. With a market capitalisation of nearly $2.6 trillion, Tadawul is the Arab world's largest stock exchange.

The Qatari index was up 0.3%, heading for a third straight session of gains. Qatar National Bank and Qatar International Islamic Bank advanced 1.4% and 0.9%, respectively.

Abu Dhabi's index closed up 0.2%, with First Abu Dhabi Bank gaining 0.5% and International Holdings adding 0.4%.

The Dubai index climbed 1%, supported by a 0.8% gain in Dubai Islamic Bank and a 2.8% rise in Damac Properties.

Egypt's blue-chip index dropped 1.1%, with Commercial International Bank (CIB) down 3.2%.

Egypt's gross domestic product grew 1.9% between July 2020 and March 2021, compared with 5.4% growth in the same period a year earlier. The country's financial year runs from July to June.