MIDEAST STOCKS- #UAE markets extend winning run; #Qatar little changed | Nasdaq

MIDEAST STOCKS-UAE markets extend winning run; Qatar little changed | Nasdaq

Stock markets in the United Arab Emirates extended their winning run on Tuesday with financials lifting the Abu Dhabi benchmark to its fourth straight session of gains.

The Abu Dhabi index .ADI finished 0.4% higher as the UAE's largest lender, First Abu Dhabi Bank FAB.AD, firmed 0.9%, while Abu Dhabi Islamic Bank ADIB.AD added 1%.

In Dubai, the main share index .DFMGI tacked on nearly a percent, supported by a 1.2% gain in sharia-compliant lender Dubai Islamic Bank DISB.DU and a 0.9% rise in Emirates NBD Bank ENBD.DU, the emirate's biggest bank.

The Abu Dhabi and Dubai benchmarks have now ended seven sessions in positive territory out of the eight trading days so far in the New Year.

Underpinning the broader regional gains on the day, oil hit an 11-month high towards $57 a barrel as tighter supply and expectations of a drop in U.S. petroleum inventories offset concerns over climbing coronavirus cases globally. O/R

Saudi Arabia plans to cut output by an extra 1 million barrels per day (bpd) in February and March to stop inventories from building up. The latest U.S. supply reports are expected to show crude stocks fell for a fifth straight week. EIA/S

Saudi Arabia's benchmark index .TASI added 0.2%. Healthcare firm Dr. Sulaiman Al-Habib Medical Services Group Co 4013.SE was the best performer in the index, gaining 1.4%.

Air conditioner maker Al-Omran Industrial and Trading Co 4141.SE gained nearly 10%, while financial firm Allied Cooperative Insurance Group 8150.SE put on 8.8%

Elsewhere, in Qatar, the index .QSI ended the day's trading little changed.

Telecoms firm Ooredoo ORDS.QA and consumer staples company Baladna Co BLDN.QA put on 2.5% and 2.2%, respectively, while real estate stock Ezdan Holdings ERES.QA declined 3.5%.