DUBAI: Most stock markets in the Gulf rebounded on Tuesday amid rising oil prices, although the Abu Dhabi index bucked the trend to close lower.
Crude prices, a key catalyst for the Gulf’s financial markets, rose for a second day on increasing concerns about tightening European supply after Russia, a key energy supplier to the region, cut gas supply through a major pipeline.
Europe’s crude, oil product and gas supplies have been disrupted by a combination of Western sanctions and payment disputes with Russia since its Feb. 24 invasion of Ukraine, which Moscow calls a “special military operation.”
Saudi Arabia’s benchmark index gained 0.8%, with Banque Saudi Fransi advancing 2% and Arab National Bank putting on 1.7%.
Saudi Crown Prince Mohammed bin Salman said the NEOM business zone would likely be publicly listed in 2024, al-Ekhbariya TV reported.
“NEOM will add a trillion riyals ($266 billion) to the Saudi stock market value. At least 1.2 trillion riyals in the beginning and the overall will increase after project completion to exceed 5 trillion,” said the crown prince, who is the kingdom’s de-facto ruler.
The Qatari benchmark gained 0.6%, with Qatar Navigation advancing 5%.
The Qatari stock market extended its gains boosted by the rise in natural gas prices, said Farah Mourad, senior market analyst of XTB MENA.
“Russia’s steps to reduce volumes could create an opportunity for Qatari energy exports.”
Dubai’s main share index finished 0.4% higher, led by a 1.1% rise in blue-chip developer Emaar Properties .
In Abu Dhabi, the index dropped 0.4%, hit by a 1.7% fall in telecoms firm e&, formerly called Etisalat .
Outside the Gulf, Egypt’s blue-chip index gained 1%, boosted by a 1.5% increase in top lender Commercial International Bank, a day after it reported a rise in second-quarter profit.
The Egyptian bourse saw a small rebound as international investors returned, according to Mourad.
“The market could find some support thanks to the effort Russia is deploying to secure grain delivery to Egypt.”
SAUDI ARABIA rose 0.8% to 11,964
ABU DHABI fell 0.4% to 9,550
DUBAI up 0.4% to 3,247
QATAR gained 0.6% to 12,882
EGYPT advanced 1% to 9,350
BAHRAIN added 0.4% to 1,897
OMAN rose 2.8% to 4,419
KUWAIT added 0.5% to 8,615.
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