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Gulf markets rise on higher oil prices, Abu Dhabi falls

1 min

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.

Saudi Arabia's benchmark index TASI was up for a second consecutive session © Mena Today 

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 (.TASI) was up for a second consecutive session, ending 0.9% higher, lifted up by a 4.5% rise in SAL Saudi Logistics Services Co (4263.SE) and 9.9% jump in MBC Group (4072.SE)

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 (.QSI) rose 0.8%, snapping its four-session losing streak, aided by gains in all sectors, with Qatar Islamic Bank (QISB.QA) surging 2.7% and Industries Qatar (IQCD.QA) climbing 1.3%.

Dubai's benchmark index (.DFMGI) dipped slightly to trade flat. Losses in financial and utilities sectors offset the gains in industrials.

Emaar Properties (EMAR.DU) and Dubai Electricity and Water Authority (DEWAA.DU) declined 1.8% and 1.2% respectively while tolls operator Salik Co (SALIK.DU) gained 2.3%.

In Abu Dhabi, the benchmark index (.FTFADGI) was down for a seventh straight session, ending 0.3% lower, weighed down by a 0.5% loss in conglomerate International Holding Co (IHC.AD) and 0.4% drop in UAE's largest lender First Abu Dhabi Bank (FAB.AD)

Outside the Gulf, Egypt's blue-chip index (.EGX30) rose for a third consecutive session and ended 1.2% higher, with Commercial International Bank (COMI.CA) gaining 2.8% and Misr Fertilizers Production Co (MFPC.CA) surging 10.1%.

Reporting by Md Manzer Hussain

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