Major bourses in the Gulf rose in early trade on Monday, with the Saudi index leading gains on concerns of a fuel supply deficit stemming from peak summer fuel consumption and OPEC+ cuts in the third quarter.
Oil prices – a key contributor to Gulf economies – extended gains to a fourth consecutive session with Brent crude trading 0.69% higher at $85.59 a barrel by 0750 GMT.
Saudi Arabia’s benchmark stock index rose 0.7%, boosted by heavy gains in energy and material sector stocks.
Newly listed Al Taiseer Group Talco Industrial rose 2.6% and the largest Islamic lender Al Rajhi Banking & Investment Corporation gained 1%.
Saudi Arabia’s state oil company Aramco rose 1.1% after the company signed contracts worth more than $25 billion for the second phase of the expansion of its Jafurah gas field and the third phase of expanding its main gas network.
The Qatari benchmark index edged up 0.1%, continuing its winning streak to a 20th session, with the Gulf’s largest lender Qatar National Bank gaining 0.1% and petrochemical maker Industries Qatar inching up 0.2%.
Major Gulf markets gain on firm oil prices, Egypt outperforms
Abu Dhabi’s main index rose 0.1%, gaining for a third session in a row, supported by a 0.4% rise in UAE’s biggest listed company International Holding Company and a 2.9% jump in IHC-owned investment firm Multiply Group.
Dubai’s main index was trading 0.1% higher, with Emirates Central Cooling Systems Corporation surging 3.4% and toll operator Salik Company rising 0.9%.
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