Most Gulf bourses gain tracking crude prices | Reuters

Most Gulf bourses gain tracking crude prices | Reuters

Higher oil prices helped most stock markets in the Gulf rise on Tuesday, with the Saudi index on course to post a third straight session of gains.

Saudi Arabia's benchmark index (.TASI) gained 0.8%, led by a 3.3% rise in Alinma Bank (1150.SE) and a 1.8% increase in Saudi Basic Industries Corp (2010.SE).

Crude prices, a key catalyst for the Gulf's financial markets, rose slightly, after soaring by more than $5 barrel in the previous session, amid concerns about tight supply.

Over the past few months, oil prices have been whipsawed between concerns about supply as Western sanctions on Russian crude and fuel supplies over the Ukraine conflict have disrupted trade flows and rising worries that central bank efforts to tame surging inflation may trigger a recession that would cut fuel demand.

Dubai's main share index (.DFMGI) added 0.4%, led by a 4.2% rise in Emirates Integrated Telecommunications (DU.DU).

Higher oil prices have also helped Dubai-based transport startup Swvl attract customers, as people in its bigger markets such as Egypt and Pakistan ditch their cars in favour of buses, Chief Financial Officer Youssef Salem told Reuters. read more

In Abu Dhabi, the equities (.FTFADGI) firmed 0.3%, with the telecoms firm e& (ETISALAT.AD) gaining 0.9%.