DUBAI: 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.
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.
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