Most stock markets in the Gulf were up in early trade on Tuesday, amid rising oil prices as geopolitical tensions in the Middle East continued to spur concern, while outlook for weaker demand weighed on gains.
Oil price - a catalyst for the Gulf’s financial markets- rose 0.5% to $82.6 a barrel by 0735 GMT.
O/R Airstrikes attributed to a US-British coalition hit port cities and small towns in western Yemen on Monday, while the Houthis said on Tuesday they had targeted what was described as the “US ship Pinocchio” in the Red Sea with missiles.
The Qatari benchmark index was up 0.2%, supported by gains in almost all sectors with Industries Qatar climbing 1.1% and Qatar Gas Transport adding 0.7%.
Saudi Arabia’s benchmark stock index advanced 0.2%, lifted by gains in energy, finance, communications and utilities.
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Alinma Bank and Saudi Awwal Bank added 1.1% and 1.3%, respectively, while Acwa Power gained 0.6%.
In Abu Dhabi, the benchmark stock index rose 0.1%, helped by a 0.7% increase in Aldar Properties and 1.9% gain in Abu Dhabi National Energy.
Dubai’s benchmark stock index eased 0.2%, with developer Emaar Development shedding 0.5% and Mashreqbank sliding 4.5%, although Emirate’s largest lender Emirates NBD advanced 1.2%.
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