Major Gulf bourses traded mixed on Thursday, with Abu Dhabi’s index up nearly 1% after a big plunge in the previous session, while global stocks rose on planned Russia-Ukraine talks.
Asian shares surged, tracking Wall Street’s gains as planned diplomatic talks between Russia and Ukraine buoyed risk-on sentiment, although analysts warned the rally could be susceptible to a sharp reversal.
Oil prices also regained some footing, having fallen more than 12% in the previous session, as the market contemplated whether major producers would boost supply to help plug the gap in output from Russia due to sanctions for its invasion of Ukraine.
Meanwhile, the United Arab Emirates is not likely to act on its own to raise oil output, a UAE source familiar with the matter told Reuters.
Abu Dhabi’s main index gained as much as 0.9%. The index had plunged 2.2% in the previous session, its biggest daily percentage loss since Dec. 20.
Dubai’s main stock index was down 0.5%, weighed by financial and communication services stocks.
Dubai Islamic Bank was down 3.6%, while Emirates Integrated Telecommunications Company fell 0.5%.
The Qatari index was flat, with gains in financials offset by losses in industrials.
Saudi Arabia’s benchmark share index was flat.
State-run oil explorer Saudi Aramco was down 1.6%.
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