Most Gulf stock markets rise as oil prices hold steady | Reuters

Most Gulf stock markets rise as oil prices hold steady | Reuters

Most Gulf stock markets ended higher on Thursday, with Saudi Arabia rebounding from a two-year low, as steady oil prices created a more positive mood.

Oil — a key catalyst for Gulf financial markets — held firm after reports Washington was preparing new measures targeting Russian crude, while traders also assessed potential disruptions tied to a Venezuelan tanker blockade.

Saudi Arabia's benchmark stock index (.TASI), opens new tab rose 0.4% after touching its lowest level in about two years, with most sectors advancing.

Saudi National Bank (1180.SE), opens new tab added 1.1%, while Saudi Arabian Mining Co (1211.SE), opens new tab (Ma'aden) jumped 4% after the miner said it received the Ministry of Energy's approval for feedstock allocation for its Phosphate 4 project.

The Abu Dhabi benchmark index (.FTFADGI), opens new tab snapped a four-session losing streak to close 0.5% higher, led by gains in financials and energy. First Abu Dhabi Bank (FAB.AD), opens new tab climbed 1.5% and ADNOC Gas (ADNOCGAS.AD), opens new tab rose 0.6%.

Separately, Abu Dhabi National Oil Company secured $11 billion in structured financing to monetise future gas production from its Hail and Ghasha development.

Dual-listed Orascom Construction fell 3.4% after Norbury Capital said on Wednesday it would contest fertiliser maker OCI's proposed merger with Orascom Construction in its current form, arguing it undervalues OCI and disadvantages minority shareholders.

The Qatari benchmark index (.QSI), opens new tab extended losses for a fourth session, closing down 0.7% as most stocks declined. Industries Qatar (IQCD.QA), opens new tab slid 2% and Qatar National Bank (QNBK.QA), opens new tab — the region's largest lender — fell 1.3%.

Separately, state-owned QatarEnergy lowered the term premium for February-loading al-Shaheen crude after weakness in spot benchmark premiums, sources said.

Dubai's benchmark stock index (.DFMGI), opens new tab slipped 0.5%, dragged down by a 9.6% drop in Gulf Navigation Holding (GNAV.DU), opens new tab and a 0.7% decline in Emaar Properties (EMAR.DU), opens new tab.

Tecom Group (TECOM.DU), opens new tab rose 2.5% after the business districts operator said it launched a 615 million dirham innovation hub in Dubai Internet City to meet rising office-space demand.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell for a third straight session to end 1.4% lower as broad-based weakness persisted. Eastern Company (EAST.CA), opens new tab dropped 5.6%, while Commercial International Bank (COMI.CA), opens new tab fell 2.7%.