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
New strikes on Saudi Arabia and on ships in the Gulf tested nerves in the Middle East on Sunday, after an attack on a Saudi oil pipeline and an advance by Yemen's Houthis threatened to worsen the wartime disruption to global energy supplies.
Iraq closed three border crossings with Iran on Saturday, security officials told AFP, after a drone attack on a Saudi pipeline was launched from Iraqi territory, according to Riyadh and Baghdad.
Iran and the United Arab Emirates signed up to a joint statement from the BRICS group of nations that called for restraint in the Middle East war on Saturday, in what was seen as a sign of diplomatic progress between the countries divided by the war.
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