Most Gulf bourses extend rally, set for weekly gains | Reuters

Most Gulf bourses extend rally, set for weekly gains | Reuters

Stock markets in the Gulf were headed for a weekly gain on Thursday as they extended their rebound following a recent selloff triggered by the prospect of aggressive global interest rate hikes to tame inflation.

Saudi Arabia's benchmark index (.TASI) gained 0.5%, on course to log its first weekly gain in three weeks, led by a 1.2% rise in the country's biggest lender Saudi National Bank (1180.SE).

Elsewhere, Prince Alwaleed Bin Talal's Kingdom Holding (4280.SE) added 0.9%, after the investment firm said it was putting 1.01 billion Saudi riyals ($269 million) into UK- listed global insurance and asset management firm M&G Plc (MNG.L).

Dubai's main share index (.DFMGI) rose 0.4%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) rising 1.8% and top lender Emirates NBD (ENBD.DU) increasing 0.8%.

The United Arab Emirates' economy grew by an estimated 8.2% in the first quarter, buoyed by higher oil production, the central bank said on Wednesday.

U.S. President Joe Biden met Gulf and other leaders in Saudi Arabia last weekend to try to secure commitments for higher oil production as he tries to tame inflation at home. read more

Saudi Arabia and the UAE are among a handful of producers that have sizeable spare capacity.

In Abu Dhabi, equities (.FTFADGI) climbed 0.7%, driven by a 0.6% rise in First Abu Dhabi Bank (FAB.AD) and a 2.1% leap in Abu Dhabi Islamic Bank (ADIB.AD) after it reported a sharp rise in quarterly net profit.

The Qatari benchmark (.QSI) added 0.3%, with Qatar National Bank (QNBK.QA), the Gulf's biggest lender, rising 1.4%.