Most stock markets in the Gulf rose on Tuesday, led by the Saudi index, as the expectation for higher oil demand in China and the U.S. boosted crude prices amid rising geopolitical tensions in the Middle East and Russia.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was up for a second straight session and advanced 0.4%, supported by gains in finance, healthcare, materials and utilities sectors with Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, gaining 0.9%, and ACWA Power (2082.SE), opens new tab rising 1.4%.
Among other gainers, Saudi Basic Industries (2010.SE), opens new tab and Middle East Pharmaceutical Industries (4016.SE), opens new tab climbed 5.5% and 4.9%, respectively.
Dubai's benchmark index (.DFMGI), opens new tab rose for a fourth consecutive session and ended 0.1% higher, lifted by gains in real estate, consumer discretionary and finance sectors.
The blue-chip developer Emaar Properties (EMAR.DU), opens new tab climbed 2.5% and Tecom Group (TECOM.DU), opens new tab added 1.5%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab edged up 0.1%, helped by a 1.4% rise in Abu Dhabi Islamic Bank(ADIB.AD), opens new tab and a 3.8% increase in Presight AI Holding (PRESIGHT.AD), opens new tab while conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab slipped 1%.
The Qatari benchmark index (.QSI), opens new tab dropped 0.7%, dragged down by losses in finance, utilities, energy and communication sectors with Qatar Islamic Bank (QISB.QA), opens new tab falling 0.9% and Qatar National Bank(QNBK.QA), opens new tab, the region's largest lender, shedding 0.8%.
The Dow dropped six-tenths of a percent, the S&P 500 slid two-tenths and the Nasdaq ticked up one-tenth of a percent.
Among other losers, Commercial Bank (COMB.QA), opens new tab slumped 6.8% and closed at 4.56 riyal, its lowest in nearly three years, as the lender traded ex-dividend.
Oil prices - a catalyst for the Gulf's financial markets- climbed 1.3%, with Brent trading at $88.57 a barrel by 1256 GMT.
Oil supplies faced fresh threats from Ukranian attacks on Russian energy facilities and escalating conflict in the Middle East, while an expansion in March manufacturing activity in China and the U.S. offered a more optimistic demand outlook.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab declined 1.3%, with most sectors posting losses.
Commercial International Bank (COMI.CA), opens new tab and Talaat Mostafa Group(TMGH.CA), opens new tab slipped 2.4% and 1.9% respectively, while E-Finance for Digital(EFIH.CA), opens new tab dropped 4.5%.
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