DUBAI: Major Gulf bourses rose for a third straight session on Tuesday as higher oil prices boosted energy stocks, although investors remained cautious due to the conflict in Ukraine.
Russia said it was placing temporary curbs on foreigners seeking to exit Russian assets, putting the brakes on an accelerating investor exodus following Russia’s invasion of Ukraine last week. Russian stock markets remained suspended and some bond trading platforms were no longer showing prices.
May Brent crude futures were up $5.14, or 5.25%, to $103.11 a barrel by 1145 GMT.
In Abu Dhabi, the share index ended up 2.2%.
Abu Dhabi Ports Company was up 0.3%, after the company said it had signed a deal for a metals park in Kizad in Abu Dhabi.
Abu Dhabi’s Etihad Airways trimmed its losses last year on higher cargo revenues and prudent cost control, the company said on Tuesday.
“Most GCC stock markets have recorded increases thanks to the support of stronger oil prices while the conflict in Ukraine continues... The Dubai stock market continued to rise as the regional hub could see further growth this year while sanitary restrictions are gradually being lifted,” said Farah Mourad, senior market analyst of XTB MENA.
Dubai’s main index gained 1.3%, boosted by financials and real estate stocks.
Emirates Integrated Telecommunications Company drove gains with a 2.6% rise. The company said on Monday it would hold a general meeting later this month seeking approval for its dividend and dividend policy.
The Qatari index jumped 2.5%, its best day since April 15 and after a 2.3% rise on Monday. It was boosted by heavyweights Qatar National Bank and Qatar Islamic Bank.
Qatar Gas Transport was down nearly 5%, a day after it said shareholders approved raising foreign ownership to 100%.
Outside the Gulf, Egypt’s blue-chip index gained 1.2%, driven by consumer and IT stocks.
SAUDI ARABIA up 0.7 % to 12,674
ABU DHABI rose 2.2% to 9,521
DUBAI added 1.3% to 3,398
QATAR rose 2.5% to 13,272
EGYPT gained 1.2% to 11,276
BAHRAIN was up 0.3% to 1,968
OMAN rose 0.5% to 4,055.