Major Gulf indexes closed higher on Thursday, as oil prices gained on worries that a potential expansion of the Gaza war might disrupt Middle East supplies.
Oil price - a key catalyst for Gulf's financial markets - was up 0.63% to $85.79 a barrel by 1200 GMT.
Saudi Arabia's benchmark stock index (.TASI), opens new tab, which recorded its first monthly gain after three months of consecutive losses, advanced 0.6%, helped by a 10% surge in Al Taiseer Group TALCO Industrial (4143.SE), opens new tab and a 2.2% increase in biggest lender Saudi National Bank (1180.SE), opens new tab.
Amid the gainers, renewable energy utility firm Acwa Power (2082.SE), opens new tab jumped 2.9% after the firm signed three power purchase agreements with Saudi Power Procurement Company for large-scale solar plants with a total capacity of 5.5 gigawatts, the firm said in a filing. The agreements are worth 12.3 billion riyals ($3.28 billion).
Amid the gainers, renewable energy utility firm Acwa Power (2082.SE), opens new tab jumped 2.9% after the firm signed three power purchase agreements with Saudi Power Procurement Company for large-scale solar plants with a total capacity of 5.5 gigawatts, the firm said in a filing. The agreements are worth 12.3 billion riyals ($3.28 billion).
Abu Dhabi's benchmark index (.FTFADGI), opens new tab settled 0.4% higher, snapping two sessions of losses, with Abu Dhabi biggest real estate developer Aldar Properties (ALDAR.AD), opens new tab rising 1.7% and IHC-owned investment firm Multiply Group (MULTIPLY.AD), opens new tab rising 1.5%.
The Qatari benchmark index (.QSI), opens new tab rose 0.9%, extending gains to the 18th session in a row, supported by a rise in energy and financial sector stocks with Gulf's largest lender Qatar National Bank (QNBK.QA), opens new tab increasing 0.4% and Qatar Gas Transport (QGTS.QA), opens new tab hiking 3.7%.
The Qatari benchmark index (.QSI), opens new tab rose 0.9%, extending gains to the 18th session in a row, supported by a rise in energy and financial sector stocks with Gulf's largest lender Qatar National Bank (QNBK.QA), opens new tab increasing 0.4% and Qatar Gas Transport (QGTS.QA), opens new tab hiking 3.7%.
The Qatari index has risen in all sessions this month, posting its highest monthly gain this year, according to LSEG data.
Dubai's main index (.DFMGI), opens new tab ended 0.1% higher with blue-chip developer Emaar Properties (EMAR.DU), opens new tab climbing 1.6% and Emirates Central Cooling Systems Corporation (EMPOWER.DU), opens new tab rising 0.7%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose for a third consecutive session and gained 1% with Commercial International Bank (COMI.CA), opens new tab adding 1.9% and EFG Holding (HRHO.CA), opens new tab jumping 4.6%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose for a third consecutive session and gained 1% with Commercial International Bank (COMI.CA), opens new tab adding 1.9% and EFG Holding (HRHO.CA), opens new tab jumping 4.6%.
Egypt's market remains on a positive trend as it continues to see resistance near last month's highs, said Joseph Dahrieh, managing principal at Tickmill, but "at the same time, the ongoing energy crisis could continue to exert pressure on economic and industrial activity and could weigh on the stock market if it exacerbates".
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