Stock markets in the Gulf were up in early trade on Tuesday, as the expectation for higher oil demand in China and the U.S. amid rising geopolitical tensions in the Middle East boosted crude prices.
Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.2%, supported by gains in finance, healthcare, materials and energy sectors with Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, gaining 0.7% and Saudi National Bank (1180.SE), opens new tab, the kingdom's biggest lender, rising 1.1%.
Among other gainers, Saudi Basic Industries (2010.SE), opens new tab and Etihad Etisalat (7020.SE), opens new tab added 1.7% and 2.1%, respectively.
Dubai's benchmark stock index (.DFMGI), opens new tab edged up 0.2%, lifted by a 1.1% rise in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 0.5% gain in Dubai Islamic Bank (DISB.DU), opens new tab.
The Qatari benchmark index (.QSI), opens new tab inched up 0.1% with Qatar Islamic Bank (QISB.QA), opens new tab gaining 0.5% and Qatar Navigation (QNNC.QA), opens new tab rising 3.5%.
However, Commercial Bank (COMB.QA), opens new tab and Qatar International Islamic Bank (QIIB.QA), opens new tab slipped 5.1% and 1.1%, respectively.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was little changed with conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab falling 0.8% and First Abu Dhabi Bank (FAB.AD), opens new tab shedding 0.6%, while Presight (PRESIGHT.AD), opens new tab rose 4.3% and ADNOC Drilling (ADNOCDRILL.AD), opens new tab gained 0.8%.
Oil prices - a catalyst for the Gulf's financial markets- climbed 1% with Brent trading at $88.3 a barrel by 0725 GMT.
Manufacturing activity in China and the U.S., the world's biggest oil consuming nations, expanded in March, offering a more optimistic demand outlook while growing concerns of a widening conflict in the Middle East could affect supply from the region.
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