Most Gulf bourses track oil prices higher; #AbuDhabi falls | Reuters

Most Gulf bourses track oil prices higher; Abu Dhabi falls | Reuters

Most major stock markets in the Gulf rose in early trade on Monday, tracking gains in oil prices as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in COVID-19 cases caused by the Omicron variant.

Brent crude gained 16 cents, or 0.2%, to $81.91 a barrel by 0406 GMT, while U.S. West Texas Intermediate (WTI) crude was up 15 cents, or 0.2%, at $79.05 a barrel.

Saudi Arabia's benchmark index (.TASI) rose 0.3%, buoyed by financials. Saudi National Bank (1180.SE), the country's largest lender, advanced 0.6%, while Al Rajhi Bank (1120.SE) gained 1.1%.

In Dubai, the main share index (.DFMGI) added 0.5%, supported by a 1% rise in blue-chip developer Emaar properties (EMAR.DU) and a 0.8% increase in Emirates NBD Bank (ENBD.DU), Dubai's largest lender.

Emaar Properties said last week it would build a mall in Srinagar, the main city in Jammu and Kashmir. The investment is part of plans by the emirate to invest in the Indian territory.

The Qatari index (.QSI) edged up 0.1%, extending gains to a sixth session, helped by a 1.7% rise in Mesaieed Petrochemical (MPHC.QA) and a 0.3% increase in Industries Qatar (IQCD.QA).

The Abu Dhabi index (.FTFADGI) fell 1%, extending losses to a sixth session, weighed down by a 0.7% drop in First Abu Dhabi Bank (FAB.AD), the country's largest lender.

On Jan. 10, the FTSE ADX General Index replaced the ADX General Index, and FTSE ADX sector indexes took the place of existing sector indexes.