Major Gulf bourses track oil prices higher; #Dubai dips | Reuters

Major Gulf bourses track oil prices higher; Dubai dips | Reuters

Most Gulf stock markets rose in early trade on Thursday on crude prices' strength, while gains were limited amid concerns that major central banks' aggressive rate-hike approach for taming inflation would end up slowing down the global economy.

Oil prices, a key catalyst for the Gulf's financial market, edged higher after dipping in early Asian trade, as concerns about global supply tightness outweighed a build in U.S. gasoline and distillate inventories.

Saudi Arabia's benchmark index (.TASI) inched 0.1% higher in a choppy trading session, led by a 3.9% rise in Sahara International Petrochemical Company (2310.SE).

The kingdom, the world's largest oil exporter, may raise prices of light crude grades to Asia for the second straight month in August on the back of record distillate margins and strong spot premiums for Middle Eastern oil this month. read more

Among other gainers, Arabian Centres (4321.SE) was up 1%, as the company adopted fair value model to measure real estate and the investment properties.

The mall operator expects net assets to be positively affected after adopting this model by an increase of about 10 billion riyals ($2.67 billion).

In Abu Dhabi, the equities (.FTFADGI) gained 1.1%, led by a 2% rise in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD), after HSBC raised its rating for the bank to 'Hold' from 'Reduce'.

However, HSBC slashed its target price to 16.6 dirhams from 18.1 dirhams earlier.

The Qatari benchmark (.QSI) added 0.4%, with petrochemical maker Industries Qatar (IQCD.QA) climbing 1.5%.

The main share index (.DFMGI) in Dubai, the Middle East's travel and tourism hub, eased 0.1%, hit by a 1.1% fall in top lender Emirates NBD (ENBD.DU).