Gulf bourses rose on Tuesday, in tandem with global stocks, while oil prices edged higher amid prospects of United States and Europe imposing fresh sanctions on Russia.
Asian stocks rose to their highest in more than a month, underpinned by a broad recovery on Wall Street, while the euro was stuck near a one-week low against the dollar.
The United States and Europe were planning new sanctions to punish Moscow over civilian killings in Ukraine, and President Volodymyr Zelenskiy warned more deaths were likely to be uncovered in areas seized from Russian invaders.
Gulf bourses mixed, Abu Dhabi set for best day in over a month
Meanwhile, fears over tighter global oil supply lingered as Iran nuclear talks stalled. Saudi Arabia’s benchmark index rose 0.4%, with the energy index up 0.3%. State-run Saudi Aramco was up 0.2%.
The world’s top oil exporter raised crude prices for all regions, with those to Asia hitting all-time highs, as disruption in Russian supplies supported prices, according to a pricing document seen by Reuters on Monday.
Dubai’s main share index rose 0.5%, boosted by Dubai Islamic Bank and Emirates Integrated Telecommunications Company.
In Abu Dhabi, the index was 0.4% higher, while the Qatari index traded 0.2% up.
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