#Saudi bourse gains on rising oil prices; #Qatar extends losses | Reuters

Saudi bourse gains on rising oil prices; Qatar extends losses | Reuters

Saudi Arabia's stock market rose in early trade on Thursday, tracking oil prices and helped by gains in energy and material sector stocks, while the Qatar bourse was on track to extend losses to a third session.

Oil prices, a key catalyst for Gulf's financial market, gained on Thursday as markets turned their attention back to a tighter crude supply outlook for the rest of 2023, with demand set to stay robust through to next year.

Brent crude was up 0.69%, or $0.63 to $92.51 a barrel by 0800 GMT.

Saudi Arabia's benchmark index (.TASI) rose 0.1%, helped by a 0.6% gain in Saudi Aramco (2222.SE) and a 2.2% jump in health insurer Bupa Arabia For Cooperative Insurance (8210.SE).

Alkhorayef Water And Power Technologies (2081.SE) jumped 3.3% after the firm signed a 7.78 billion riyals ($2.07 billion) worth Rayis-Rabigh Independent Water Transmission Pipeline (IWTP) Project with Saudi Water Partnership Company.

Separately, Saudi Arabia's annual inflation eased to 2% in August, from 2.3% the previous month, government data showed on Thursday, continuing its downwards trend this year.

Abu Dhabi's share index (.FTFADGI) edged up 0.1%, as International Holding Co (IHC.AD) rose 0.3% and IHC-owned Alpha Dhabi Holding (ALPHADHABI.AD) firmed 0.5%.

Dubai's main index (.DFMGI), meanwhile, eased 0.3%, dragged by a 1.2% slide in state-run utility firm Dubai Electricity and Water Authority (DEWAA.DU) and 2.6% decline in Islamic lender Mashreqbank (MASB.DU).

The Qatari index (.QSI) dropped 0.3% as a majority of its stocks were in the red, including petrochemical maker Industries Qatar (IQCD.QA) which slipped 0.8%, while Qatar Electricity and Water Co (QEWC.QA) dipped 1%.