Most stock markets in the Gulf were up in early trade on Monday amid rising oil prices after OPEC+ members agreed to extend oil output cuts of 2.2 million barrels per day into the second quarter.
Oil price - a catalyst for the Gulf’s financial markets- gained 0.1% to $83.55 a barrel by 0731 GMT.
The output cuts by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are expected to cushion the market amid global economic concerns and rising output outside the group.
The Qatari benchmark index rose 0.3%, lifted by gains in almost all sectors with Mesaieed Petrochemical climbing 1.8% and Gulf Warehousing adding 4.3%.
Saudi Arabia’s benchmark stock index advanced 0.2%, helped by gains in finance, healthcare and consumer staples sectors. Dr Sulaiman Al Habib Medical Services rose 1.2% and Savola Group climbed 3.3%.
UAE stock markets up on rising oil price, rate cheer
Among the gainers, Al Rajhi Bank, the world’s largest Islamic lender, added 0.3%. In Abu Dhabi, the benchmark stock index was up 0.1%, supported by a 2.1% increase in Pure Health and 1.6% gain in ADNOC Drilling.
Dubai’s benchmark stock index eased 0.1%, with Mashreqbank dropping 2.9% and Commercial Bank of Dubai falling 2%.
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