#SaudiArabia leads Gulf bourses higher, #Dubai falls | Reuters

Saudi Arabia leads Gulf bourses higher, Dubai falls | Reuters

Major Gulf bourses rose in early trading on Thursday, with Saudi Arabia leading the gains buoyed by surge in shares of top utility firm Acwa Power Company (2082.SE), opens new tab, while the Dubai index declined.

Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.7%, helped by a nearly 5% surge in Acwa Power and a 0.9% increase in biggest Islamic lender Al Rajhi Banking and Investment Corporation (1120.SE), opens new tab.

Acwa Power 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 rose 0.3%, snapping two sessions of losses, lifted by a 0.6% gain in UAE's largest listed firm International Holding Company (IHC.AD), opens new tab and a 1.5% rise in IHC-owned investment firm Multiply Group (MULTIPLY.AD), opens new tab.

Oil price - a key catalyst for Gulf's financial markets - edged higher on Thursday on worries that a potential expansion of the Gaza war might disrupt Middle East supplies.

Brent crude was up 0.3% to $85.51 a barrel by 0804 GMT.

The Qatari benchmark index (.QSI), opens new tab was up 0.3%, extending gains to the 18th session in a row, with Gulf's largest lender Qatar National Bank (QNBK.QA), opens new tab up 0.1% and petrochemical maker Industries Qatar (IQCD.QA), opens new tab rising 0.2%.

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 edged down 0.04%, pressured by a 0.7% drop in Emirates Central Cooling Systems Corporation (EMPOWER.DU), opens new tab and 0.3% decline in top lender Emirates NBD Bank (ENBD.DU), opens new tab.