MIDEAST STOCKS-Global share rally, rising oil prices buoy Gulf bourses | Nasdaq

MIDEAST STOCKS-Global share rally, rising oil prices buoy Gulf bourses | Nasdaq

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 LCOc1, CLc1 after U.S. government data on Wednesday showed a drop in crude output as a deep freeze in Texas disrupted production last week. O/R

Saudi Arabia's benchmark share index .TASI rose 0.9%, with Al Rajhi Bank 1120.SE rising 2% and Saudi Telecom Company 7010.SE climbing 3.3%.

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.

Potentially weighing on Saudi stocks in coming days is a declassified version of a U.S. intelligence report expected to be released later on Thursday, which found that Saudi Crown Prince Mohammed bin Salman approved the 2018 killing of journalist Jamal Khashoggi, Reuters reported, citing four U.S. officials familiar with the matter.

On Wednesday, U.S. President Joe Biden told reporters that he had read the report and expected to speak soon by phone with Saudi Arabian King Salman, father of the crown prince.

Dubai's main share index .DFMGI added 0.8%, buoyed by a 2.3% gain in Emirates NBD Bank ENBD.DU and a 5.4% surge in DAMAC Properties DAMAC.DU.

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

The Qatari index .QSI advanced 1.7%, snapping a six-day losing streak, boosted by a 2.7% gain in petrochemical maker Industries Qatar IQCD.QA.