Most Gulf bourses track oil prices higher; Egypt extends losses
Most Gulf bourses track oil prices higher; Egypt extends losses

Most major stock markets in the Gulf ended higher on Tuesday, tracking global peers and a rebound in oil prices, as geopolitical risks in Europe and the Middle East fuelled supply disruption in an already tight market.

Oil prices were jittery as investors traded prudently in the face of the rising tensions in Eastern Europe while the confrontation with Russia continues, said Eman AlAyyaf, CEO of EA Trading.

Saudi Arabia's benchmark index edged up 0.3%, supported by energy and financial stocks, with oil behemoth Saudi Aramco gaining 0.8% and Al Rajhi Bank up 0.3%.

Dubai's main share index added 0.4%, after seeing its biggest fall in over a month in the previous session, led by Emirates NBD Bank up 1.9% and blue-chip developer Emaar Properties gaining 1.1%.

In Abu Dhabi, the index edged up 0.1%, as market heavyweight First Abu Dhabi Bank rose 0.2%.

Separately, the Abu Dhabi state oil giant Abu Dhabi National Oil Co has set up a subsidiary, ADNOC Murban, to issue primary debt and explore new funding opportunities.

UAE bourses end higher on financial, telecom boost

In Qatar, the index, gained 0.2%, as Qatar Islamic Bank climbed 2.2% and Qatar Gas Transport Nakilat ended up 1.4%.

Outside the Gulf, Egypt's blue-chip index declined 0.6%, extending losses for a third consecutive session, with the country's largest lender Commercial International Bank Egypt down 1.3%.

The stock market in Cairo fell again as investors continue to close their positions as tensions in the region remain high and as they wait for the US Federal Reserve meeting, AlAyyaf added.

SAUDI ARABIA edged up 0.3% to 12,109 points

ABU DHABI edged up 0.1% to 8,714 points

DUBAI rose 0.3% to 3,157 points

QATAR advanced 0.2% to 12,548 points

EGYPT fell 0.6% to 11,542 points

BAHRAIN fell 0.3% to 1,805 points

OMAN was down 0.6% 4,179 points

KUWAIT 0.1% to 7,989 points

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