Most Gulf markets gain in early trade; #AbuDhabi eases | Reuters

Most Gulf markets gain in early trade; Abu Dhabi eases | Reuters

Most major stock markets in the Gulf rose in early trade on Wednesday, as U.S. data stoked hopes the world's biggest economy can avoid recession, although volatile energy prices limited gains.

Saudi Arabia's benchmark index (.TASI) edged 0.1%, helped by a 1.7% rise in Dr Sulaiman Al-Habib Medical Services (4013.SE), while, Dar Al Arkan Real Estate Development Co (4300.SE) advanced 1.5%.

The developer sold $600 million in Islamic bonds due February 2029 on Tuesday, a bank document showed.

Among other gainers, Saudi Advanced Industries (2120.SE) jumped about 4% after reporting a sharp rise in quarterly net profit.

In Qatar, the index (.QSI) climbed 0.7%, as most of the stocks on the index were in positive territory including the Gulf's biggest lender Qatar National Bank (QNBK.QA), which rose 1.8%.

Dubai's main share index (.DFMGI) inched 0.1% higher, trading at its highest since late-2015.

However, in Abu Dhabi, the index (.FTFADGI) eased 0.2%.

Global oil prices retreated after opening higher at the start of Asian trade, as markets weighed U.S. demand concerns against China's pledge to support economic growth, tighter Russian supply and declining U.S. inventories.

On the other hand, ADNOC Gas (ADNOCGAS.AD) rose more than 3% in early trade after the energy firm signed 14-year agreement with Indian Oil Corp (IOC.NS) for export of up to 1.2 million metric tons per annum of liquefied natural gas (LNG).

Separately, Saudi refiner Saudi Aramco Total Refining and Petrochemical Co plans to shut its Al Jubail refinery for maintenance starting end-September or first-half October, Reuters reported on Wednesday, citing four sources with knowledge of the matter.