Most Gulf bourses rise in early trade on stronger oil prices | Reuters

Most Gulf bourses rise in early trade on stronger oil prices | Reuters

Most stock markets in the Gulf rose in early trade on Monday, tracking oil prices higher, amid a tighter supply outlook after Moscow issued a temporary ban on fuel exports.

Oil prices - a key catalyst for the Gulf's financial markets - rose 0.7%, with Brent crude trading at $93.96 a barrel by 0646 GMT.

Last week, Moscow temporarily banned gasoline and diesel exports to most countries in order to stabilise the domestic market.

Dubai's benchmark stock index (.DFMGI) was up 0.3% in early trade, lifted by gains in most sectors, with Emaar Properties (EMAR.DU) surging 1.3% and Mashreqbank (MASB.DU) climbing 3.2%.

Saudi Arabia's benchmark stock index (.TASI) gained 0.2% with Saudi Awwal Bank (1060.SE) jumping 1.9% and Saudi Arabian Mining(1211.SE) surging 3.4%.

Among the gainers, newly listed auto rental company Lumi Rental (4262.SE) rose as much as 30% above its listing price in early trade.

Lumi's shares increased as high as 85.8 riyals ($22.87) after opening at 72.6 riyals. Its IPO price of 66 riyals was at the top of its indicative range.

In Qatar, the benchmark (.QSI) rose 0.1%, with Qatar Aluminum Manufacturing (QAMC.QA) adding 1.6% and the Gulf's largest lender Qatar National Bank (QNBK.QA) gaining 0.3%.

In Abu Dhabi, the benchmark stock index (.FTFADGI) was down 0.2%, dragged by a 0.2% loss in conglomerate International Holding Company(IHC.AD) and a 1.6% drop in Burjeel Holding (BURJEEL.AD).