Stock markets in the Gulf were up on Monday, tracking a surge in global equities amid rising oil prices, while Abu Dhabi’s index retreated.
Oil prices - a key catalyst for the Gulf’s financial markets- edged up on Monday as dampened global demand could not offset the threat to supply from tensions in the Middle East.
Brent rose 0.2% at $78.71 a barrel by 1230 GMT.
Saudi Arabia’s benchmark index was up for a second consecutive session, ending 0.9% higher, lifted up by a 4.5% rise in SAL Saudi Logistics Services Co and 9.9% jump in MBC Group.
MBC, a Saudi media company which made its market debut on Jan 8, shot up about 150%, closing at 79.90 riyals a share on Monday.
The Qatari index rose 0.8%, snapping its four-session losing streak, aided by gains in all sectors, with Qatar Islamic Bank surging 2.7% and Industries Qatar climbing 1.3%.
Dubai’s benchmark index dipped slightly to trade flat. Losses in financial and utilities sectors offset the gains in industrials.
Most Gulf bourses rise, Qatar falls
Emaar Properties and Dubai Electricity and Water Authority declined 1.8% and 1.2% respectively while tolls operator Salik Co gained 2.3%.
In Abu Dhabi, the benchmark index was down for a seventh straight session, ending 0.3% lower, weighed down by a 0.5% loss in conglomerate International Holding Co and 0.4% drop in UAE’s largest lender First Abu Dhabi Bank.
Outside the Gulf, Egypt’s blue-chip index rose for a third consecutive session and ended 1.2% higher, with Commercial International Bank gaining 2.8% and Misr Fertilizers Production Co surging 10.1%.
======================================== SAUDI ARABIA rose 0.9% to 12,110 KUWAIT added 0.4% to 7,983 QATAR was up 0.8% to 10,370 EGYPT added 1.2% to 28,050 BAHRAIN up 0.1% to 1,994 OMAN gained 0.1% to 4,607 ABU DHABI lost 0.3% to 9,680 DUBAI ended flat at 4,081 ========================================
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