Major stock markets in the Gulf rose on Monday led by the Abu Dhabi benchmark on higher oil prices, while shares in Egypt continued to ease for a second straight session, reports Reuters.
Oil prices - a catalyst for the Gulf's financial markets - gained, as attacks on Russian energy facilities intensified with Brent rising 0.8 per cent to $86.02 a barrel by 1330 GMT.
In Abu Dhabi, the benchmark index rose 0.7 per cent, ending its previous session of losses.
The index encountered a technical glitch earlier in the day displaying inflated gains, before the issue got fixed towards the end of the trading session.
First Abu Dhabi Bank UAE's largest lender, gained 1.1 per cent while Abu Dhabi National Oil's (ADNOC) units ADNOC Drilling and ADNOC Logistics climbed 1.8 per cent and 1.3 per cent, respectively.
The state-owned energy major ADNOC signed a 15-year deal to supply 1 MMT a year of LNG to a unit of Germany's state-owned Securing Energy for Europe.
Dubai's benchmark index advanced 0.3 per cent, with blue-chip developer Emaar Properties rising 2.2 per cent and Dubai Electricity adding 1.2 per cent.
Saudi Arabia's benchmark index edged up 0.1 per cent, extending its rally to a fifth straight session with Saudi National Bank , the kingdom's largest lender, advancing 1.9 per cent and Saudi Awwal Bank gaining 2.5 per cent.
The Qatari benchmark index was up marginally, helped by a 2.9 per cent gain in Qatar Gas Transport and 1.3 per cent rise in Industries Qatar , while Doha Bank and Masraf Al Rayan slipped 4.7 per cent and 1.9 per cent, respectively.
Outside the Gulf, Egypt's blue-chip index extended its losses to a second consecutive session and ended 6.3 per cent lower, the steepest fall since Jan.31 with almost all stocks in the red.
E-Finance declined 14.3 per cent and El Sewedy Electric dropped 13.6 per cent.
Major Gulf bourses up on strong oil prices
FE Team | Published: March 18, 2024 22:26:54
Major Gulf bourses up on strong oil prices
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