Saudi and Qatari indexes extended gains on Thursday, supported by higher oil prices as investors adjusted positions ahead of an OPEC+ decision on supplies, while markets in the United Arab Emirates were closed for a public holiday.
Brent crude futures rose 35 cents, or 0.5%, to $69.22 a barrel by 1215 GMT while U.S. West Texas Intermediate (WTI) crude futures gained 29 cents, or 0.4%, to $65.86.
Saudi Arabia's benchmark index (.TASI) rose 0.3%, with Saudi National Bank (1180.SE) increasing 1.8% and Saudi Telecom (7010.SE) adding 2.3%. However, the index registered its third weekly loss.
This week's losses mainly include a 4.5% slump on Sunday, its biggest single-day fall in nearly two years, triggered by the panic over the Omicron coronavirus variant. read more
Saudi Arabia on Wednesday reported its first case of the variant. read more
In Qatar, the benchmark (.QSI) gained 0.4% as Gulf's largest lender Qatar National Bank (QNBK.QA) jumped 2.9 % and Industries Qatar (IQCD.QA) added 1.7%.
However, sharia-compliant lender Masraf Al Rayan (MARK.QA) dropped about 3% after rising as much as 3% in last session as it completed a merger with Al Khalij Commercial Bank
The Qatari index registered its third consecutive weekly loss.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 0.9%, dragged by a 1.1% slide in country's top lender Commercial International Bank (COMI.CA).
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