Most Gulf bourses rise on firm oil, #Saudi slips | Reuters

Most Gulf bourses rise on firm oil, Saudi slips | Reuters

Most Gulf bourses closed higher on Monday amid rising oil prices, while pressure in utility and financial stocks dragged the Saudi index down.

Oil prices - a key catalyst for Gulf's financial market - extended gains to the fourth consecutive session on concerns of a fuel supply deficit stemming from peak summer fuel consumption and OPEC+ cuts in the third quarter, with Brent crude rising 0.61% to $85.52 a barrel by 1154 GMT.

The Qatari benchmark index (.QSI), opens new tab edged 0.4% higher, continuing its winning streak to a 20th session, with the Gulf's largest lender Qatar National Bank (QNBK.QA), opens new tab gaining 0.5% and Islamic lender Qatar Islamic Bank (QISB.QA), opens new tab rising 1.5%.

Dubai's main index (.DFMGI), opens new tab rose for the fourth straight session and ended 0.7% higher, helped by a 6.2% climb in Emirates Central Cooling Systems Corp (EMPOWER.DU), opens new tab and a 2.1% rise in toll operator Salik Company (SALIK.DU), opens new tab.

However, Saudi Arabia's benchmark stock index (.TASI), opens new tab slipped 0.2% with utility firm Acwa power (2082.SE), opens new tab falling 1.3% and Middle East Pharmaceutical Industries (4016.SE), opens new tab shedding 2%.

The losses in the index were capped by an 8.9% surge in Newly listed Al Taiseer Group TALCO Industrial (4143.SE), opens new tab and a 0.4% rise in oil giant Saudi Aramco (2222.SE), opens new tab.

On Sunday, Aramco signed contracts worth more than $25 billion for the second phase of the expansion of its Jafurah gas field and the third phase of expanding its main gas network.

Abu Dhabi's benchmark index (.FTFADGI), opens new tab edged down 0.01% in volatile trading, pressured by a 0.3% loss in the largest listed firm, International Holding Company (IHC.AD), opens new tab, and a 7% decline in Abu Dhabi National Energy Company (TAQA.AD), opens new tab.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.7%, with Commercial International Bank Egypt adding 0.8% and GB Auto (GBCO.CA), opens new tab moving 9.9% high.