MIDEAST STOCKS Most Gulf indexes rise in early trade; Abu Dhabi falls | Reuters
Most major Gulf stock markets rose in early trade on Thursday amid rising oil prices, with the Saudi index on track for a third straight weekly gain.
Oil prices reversed previous losses as a bigger-than-expected draw in U.S. gasoline and distillate stocks prompted buying.
The uptick was also supported by expectations that soaring natural gas prices as winter approaches will drive a switch to oil to meet heating demand.
Saudi Arabia's benchmark index (.TASI) gained 0.2%, with Yanbu National Petrochemicals Co (2290.SE) advancing 4.8% and petrochemical giant Saudi Basic Industries (2010.SE) adding 0.9%.
Fitch Ratings on Wednesday said the impact of the pandemic on Saudi Arabian banks had been contained.
Dubai's main share index (.DFMGI) inched up 0.1%, with Emirates NBD Bank (ENBD.DU) rising 0.4%, while Mashreq Bank (MASB.DU) leapt about 4% as the lender sought shareholder approval to increase share capital.
The United Arab Emirates said non-oil foreign trade rose by 27% in the first half of 2021 to 900 billion dirhams ($245.04 billion), state news agency WAM reported on Wednesday.
The Qatari benchmark (.QSI) climbed 0.5%, bolstered by a 0.9% rise in the Gulf's largest lender Qatar National Bank (QNBK.QA) and a 0.6% increase in Qatar Islamic Bank (QISB.QA).
In Abu Dhabi, the index (.ADI), however, eased 0.1%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) losing 0.5%.
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