Middle East stock markets rose on Thursday, aided by higher oil prices after the International Energy Agency (IEA) said oil markets could lose three million barrels per day of Russian crude and refined products from April.
Oil prices climbed as the Benchmark Brent crude futures gained $1.8, or 1.9%, to $99.86 a barrel by 0408 GMT, after falling for three consecutive trading sessions.
The oil market largely shrugged off a move by the US Federal Reserve on Wednesday to raise interest rates by one-quarter of a percentage point, as anticipated.
The Qatari index rose 0.6%, aided by a 7% jump in Investment Holding Group, after the real estate financier secured regulatory approval to buyout Elegancia Group.
Qatar Electricity and Water Company and Mesaieed Petrochemical Holding also boosted the index.
Saudi Arabia’s benchmark share index edged 0.2% higher, with gains driven by the Middle East Company for Manufacturing and Producing Paper.
Shares of the Saudi Arabia-based company which engages in the production of container board and industrial paper, rose 4% after reporting full-year sales of 1.06 billion riyals and posted a 17% rise in annual gross margins.
Dubai’s main index rose 0.2%.
Financial heavyweights Dubai Financial Market and Amlak Finance boosted the index.
The only major Gulf index trading down was Abu Dhabi’s index which lost 0.5% in early deals, hit by a 1.5% fall in the country’s largest lender First Abu Dhabi Bank.
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