Most stock markets in the Gulf ended higher on Wednesday, tracking rising oil prices, as investors shrugged off impact of a rise in COVID-19 cases caused by the Omicron variant.
Crude prices, a key catalyst for the Gulf's financial markets, held near $80 a barrel after OPEC+ producers stuck to an agreed output target rise for February.
OPEC+ producers, which include members of the Organization of the Petroleum Exporting Countries along with Russia and others, on Tuesday agreed to add another 400,000 barrels per day of supply in February, as they have done each month since August.
Saudi Arabia's benchmark index advanced 0.9%, boosted by a 2.7% rise in the country's largest lender Saudi National Bank and a 1.4% increase in petrochemical maker Saudi Basic Industries Corp.
The kingdom on Tuesday registered 2,585 new infections, up from some 1,000 cases announced on Sunday. It is still below a peak of more than 4,700 in June 2020.
Gulf markets buoyed by oil and global shares
The Qatari index climbed 1.8%, as almost all the stocks on the index were in positive territory including petrochemical maker Industries Qatar.
Elsewhere, public utility Qatar Electricity and Water Company concluded 1.1% after its subsidiary signed an agreement to acquire 40% stake in energy investment company Nebras Power for $530 million.
Dubai's main share index added 0.3%, helped by a 1.4% rise in blue-chip developer Emaar Properties.
Middle East crude benchmarks Oman and Dubai extended gains on Wednesday after OPEC+ decided to continue increasing output.
The Abu Dhabi index finished flat.
Outside the Gulf, Egypt's blue-chip index gained 0.5%, led by a 2.2% rise in tobaco monopoly Eastern Co .
Egypt's draft budget for the 2022/23 fiscal year aims to achieve 5.7% economic growth as the government looks to keep expansion on track, Finance Minister Mohamed Maiit said in a statement on Wednesday.
SAUDI ARABIA rose 0.9% to 11,453
ABU DHABI was flat at 8,407
DUBAI added 0.3% to 3,225
QATAR gained 1.8% to 11,922
EGYPT rose 0.5% to 12,043
BAHRAIN was flat at 1,796
OMAN up 0.2% at 4,187
KUWAIT added 0.7% to 7,724
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