Mideast Stocks: Most Gulf markets end higher on upbeat oil prices

Mideast Stocks: Most Gulf markets end higher on upbeat oil prices

Most Gulf stock markets closed higher on Tuesday, as a rise in oil prices and hopes for a solid economic rebound in China raised investors sentiments.

Crude prices - a key catalyst for the gulf's financial markets - rose 1.4% on Tuesday with Brent crude was up $1.19, to $83.64 at 1300 GMT. Expectations of demand recovery in the world's top oil importer China underpinned gains as economists polled by Reuters expected factory activity grew in February.

The benchmark index in Saudi Arabia climbed 1.1%, lifted up by gains in almost all sectors. Petrochemical maker Sahara International Petrochemical surged 4.3% after it reported a rise in full year profit. However, the index ended the month almost 6.6% down, erasing some of the gains from January.

In Abu Dhabi, the index rose 0.1% to post a monthly gain of 0.3%. The index was lifted by a 1.3% gain in real estate developer Aldar Properties and 2.4% rise in Abu Dhabi Islamic Bank. Al Yah Satellite Communications jumped 3.1% after its board proposed a final dividend of 8.06 fils per share, bringing total dividend for fiscal year 2022 to 16.12 fils per share.

Dubai's benchmark index ended 0.6% higher, registering a 4.1% monthly gain after closing the previous month in the red. The index was helped by gains in almost all sectors with blue-chip developer Emaar Properties surging 2.6% and Emirates Central Cooling Systems gaining 2.6%.

The Qatari index ended up 0.3%, aided by gains in financial and industrial sectors. The Gulf's biggest lender Qatar National Bank rose 1.9% and the index heavyweight Islamic banks Qatar Islamic Bank and Qatar International Islamic Bank gained 0.8% and 1.7% respectively. However, the index declined 3.3% on a monthly basis.

Outside the Gulf, Egypt's blue-chip index lost 0.6%, extending its losses to a second session. The index was dragged down by losses in financial and material sectors. Commercial International Bank and Misr Fertilizer dropped 2.4% and 6.2% respectively. However, the index is on track for a 3% gain this month, its fifth positive month in a row.