Mideast Stocks: Most Gulf markets rise on strong oil prices

Mideast Stocks: Most Gulf markets rise on strong oil prices

Most stock markets in the Gulf ended higher on Thursday amid rising oil prices as investors awaited the result of OPEC+ meeting where oil producers are likely to agree output cuts for early next year. Oil prices - a key catalyst for the Gulf's financial markets- climbed 1% on Thursday with Brent trading at $83.95 a barrel by 1230 GMT.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is likely to agree to additional output cuts of more than 1 million barrels per day, meeting delegates told Reuters. The OPEC+ meeting is scheduled to begin at 1400 GMT, after an OPEC-only ministers meeting at 1100 GMT.

Saudi Arabia's benchmark index was up for the third consecutive session, ending 0.7% higher with most sectors in the green. The index jumped 4.6% in November, its biggest monthly gain since April. Elm Company rose 1.4% and the kingdom's largest lender Saudi National Bank climbed 2%. 

The Qatari index snapped its six session losing streak and closed 0.5% higher, helped by a 2.2% rise in Qatar Islamic Bank and 5.7% surge in Mesaieed Petrochemical.

In Abu Dhabi, the benchmark index was up for the third straight session, inching up 0.1%, supported by a 1.1% gain in Aldar Properties and 1% rise in UAE's largest lender First Abu Dhabi Bank.

Dubai's benchmark index fell 0.2%, with most sectors in the red. Emirates Central Cooling Systems Corp declined 1.8% and Emirate's largest lender Emirates NBD lost 0.9%. 

Outside the Gulf, Egypt's blue-chip index fell for a third consecutive session and ended 0.1% lower, with Commercial International Bank dropping 1% and Talaat Mostafa Group Holding sliding 3.3%. However, Misr Fertilizer and Orascom Egypt gained 2.6% and 9.9% respectively.