Most Gulf bourses rise on stronger oil prices | Reuters

Most Gulf bourses rise on stronger oil prices | Reuters

Most stock markets in the Gulf rose in early trade on Monday, tracking gains in oil prices and buoyed by optimism that the Chinese economy is finally turning a corner.

Oil prices — a key catalyst for the Gulf's financial market — climbed 0.8%, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts.

News of more policy support from Beijing and upbeat retail sales and industrial output data for August added to signs of stabilisation in the world's second largest economy.

In Qatar, the benchmark stock index (.QSI) rose 0.3%, with Mesaieed Petrochemical Holding(MPHC.QA) surging 5% and Qatar Navigation (QNNC.QA) gaining 1%.

Saudi Arabia's benchmark stock index (.TASI) rose 0.3%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) up 1.3% and Savola Group (2050.SE) adding 3.2%.

Dubai's benchmark stock index (.DFMGI) inched up 0.1%, supported by gains in industry and consumer discretionary sectors. Tecom Group (TECOM.DU) rose 3.2% and Air Arabia (AIRA.DU) added 1.1%.

In Abu Dhabi, the benchmark stock index (.FTFADGI) was down 0.3%, dragged down by a 1% loss in conglomerate International Holding Company(IHC.AD) and 0.2% drop in First Abu Dhabi Bank (FAB.AD), the largest lender in the United Arab Emirates.