DUBAI: Most stock markets in the Gulf extended gains from the previous session to end higher on Wednesday as crude prices gained, but the Dubai index bucked the trend to close lower.

Oil prices, a key catalyst for the Gulf’s financial markets, rose on expectations that easing COVID-19 restrictions in China will boost demand and as supply concerns grew.

In Abu Dhabi, stocks advanced 1.4%, with International Holding Co (IHC) jumping 6.9% after the conglomerate completed a 7.3-billion-dirham ($1.99 billion) investment deal for three Adani companies.

IHC, which is chaired by Sheikh Tahnoun bin Zayed Al Nahyan, the United Arab Emirates’ national security adviser, will provide capital to Adani Green Energy, Adani Transmission and Adani Enterprises, through preferential allotment route.

The Qatari index climbed 1.3%, extending gains from the previous session when it snapped a three-day losing streak.

Qatar Islamic Bank finished 2.5% higher, while Qatar International Islamic Bank leapt 4.2%.