Most stock markets in the Gulf rebounded on Tuesday amid rising oil prices, although the Abu Dhabi index bucked the trend to close lower.
Crude prices, a key catalyst for the Gulf's financial markets, rose for a second day on increasing concerns about tightening European supply after Russia, a key energy supplier to the region, cut gas supply through a major pipeline.
Europe's crude, oil product and gas supplies have been disrupted by a combination of Western sanctions and payment disputes with Russia since its Feb. 24 invasion of Ukraine, which Moscow calls a "special military operation."
Saudi Arabia's benchmark index (.TASI) gained 0.8%, with Banque Saudi Fransi (1050.SE) advancing 2% and Arab National Bank (1080.SE) putting on 1.7%.
Saudi Crown Prince Mohammed bin Salman said the NEOM business zone would likely be publicly listed in 2024, al-Ekhbariya TV reported. read more
"NEOM will add a trillion riyals ($266 billion) to the Saudi stock market value. At least 1.2 trillion riyals in the beginning and the overall will increase after project completion to exceed 5 trillion," said the crown prince, who is the kingdom's de-facto ruler.
The Qatari benchmark (.QSI) gained 0.6%, with Qatar Navigation (QNNC.QA) advancing 5%.
The Qatari stock market extended its gains boosted by the rise in natural gas prices, said Farah Mourad, senior market analyst of XTB MENA.
"Russia's steps to reduce volumes could create an opportunity for Qatari energy exports."
Dubai's main share index (.DFMGI) finished 0.4% higher, led by a 1.1% rise in blue-chip developer Emaar Properties (EMAR.DU).
In Abu Dhabi, the index (.FTFADGI) dropped 0.4%, hit by a 1.7% fall in telecoms firm e&, formerly called Etisalat (ETISALAT.AD).
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 1%, boosted by a 1.5% increase in top lender Commercial International Bank (COMI.CA), a day after it reported a rise in second-quarter profit.
The Egyptian bourse saw a small rebound as international investors returned, according to Mourad.
"The market could find some support thanks to the effort Russia is deploying to secure grain delivery to Egypt."
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