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Gulf stock markets gain on global shares rally, rising oil prices

Published: Updated:

Major stock markets in the Middle East registered sharp gains on Thursday, tracking a rise in global equities and a recovery in oil prices, with Qatar outperforming the region.

Brent oil climbed to a 13-month high of $67.30, after US government data on Wednesday showed a drop in crude output as a deep freeze in Texas disrupted production last week.

Saudi Arabia’s benchmark share index rose 0.9 percent, with Al Rajhi Bank rising 2 percent and Saudi Telecom Company climbing 3.3 percent.

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The Kingdom raised 1.5 billion euros ($1.83 billion) on Wednesday in a two-tranche bond deal after receiving orders for more than 3.75 billion euros, a document showed.

Dubai’s main share index added 0.8 percnt, buoyed by a 2.3 percent gain in Emirates NBD Bank and a 5.4 percent surge in
DAMAC Properties.

In Abu Dhabi, however, the index traded flat as gains in Abu Dhabi Islamic Bank were offset by losses in the country’s largest lender First Abu Dhabi Bank.

Outside the Gulf, Egypt’s blue-chip index finished 1.6 percent higher, led by a 1.7 percent gain in top lender Commercial International Bank.

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