Most Gulf markets track Asian shares, oil prices higher | Reuters

Most Gulf markets track Asian shares, oil prices higher | Reuters

Most major stock markets in the Gulf rose in early trade on Tuesday, in line with Asian shares and oil prices, although the Saudi index was on course to extend losses on profit-taking.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.44%, boosted by investor optimism that the region's central banks will continue to pause or end interest rate increase cycles, whatever action the U.S. Federal Reserve takes.

Dubai's main share index (.DFMGI) gained 0.6%, with blue-chip developer Emaar Properties (EMAR.DU) gaining 0.5% and top lender Emirates NBD (ENBD.DU) was up 0.8%.

Elsewhere, Dubai Electricity and Water Authority (DEWAA.DU) advanced 1.2% after shareholders approved distribution of a one-time special dividend of 3.34 fils per share.

In Abu Dhabi, the index (.FTFADGI) added 0.1%.

Oil prices - a key catalyst for the Gulf's financial markets - rose on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude stockpiles.

Saudi Arabia's benchmark index (.TASI), which touched its peak for the year, fell 0.3%. Al Rajhi Bank (1120.SE) dropped 0.8%, while Retal Urban Development Co (4322.SE) was down 0.3%.

Among other losers, Saudi Investment Bank (1030.SE) retreated 1.8% as the lender traded ex-dividend.

The Qatari index (.QSI) climbed 0.3%, on course to end four sessions of losses, led by a 0.9% rise in Commercial Bank (COMB.QA).