Most major stock markets in the Gulf ended higher on Tuesday, tracking global peers and a rebound in oil prices, as geopolitical risks in Europe and the Middle East fuelled supply disruption in an already tight market.
Oil prices were jittery as investors traded prudently in the face of the rising tensions in Eastern Europe while the confrontation with Russia continues, said Eman AlAyyaf, CEO of EA Trading.
Saudi Arabia's benchmark index (.TASI) edged up 0.3%, supported by energy and financial stocks, with oil behemoth Saudi Aramco (2222.SE) gaining 0.8% and Al Rajhi Bank (1120.SE) up 0.3%.
Dubai's main share index (.DFMGI) added 0.4%, after seeing its biggest fall in over a month in the previous session, led by Emirates NBD Bank (ENBD.DU) up 1.9% and blue-chip developer Emaar Properties (EMAR.DU) gaining 1.1%.
In Abu Dhabi, the index (.ADI) edged up 0.1%, as market heavyweight First Abu Dhabi Bank (FAB.AD) rose 0.2%.
Separately, the Abu Dhabi state oil giant Abu Dhabi National Oil Co has set up a subsidiary, ADNOC Murban, to issue primary debt and explore new funding opportunities. read more
In Qatar, the index (.QSI), gained 0.2%, as Qatar Islamic Bank (QISB.QA) climbed 2.2% and Qatar Gas Transport Nakilat (QGTS.QA) ended up 1.4%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 0.6%, extending losses for a third consecutive session, with the country's largest lender Commercial International Bank Egypt (COMI.CA) down 1.3%.
The stock market in Cairo fell again as investors continue to close their positions as tensions in the region remain high and as they wait for the U.S. Federal Reserve meeting, AlAyyaf added.
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