Most Gulf stocks up on back of oil surge

Most Gulf stocks rose on Thursday, as crude oil futures surged despite coronavirus outbreak that weighed on sentiment.

The oil surged on hopes for a deal to end the price war between Saudi Arabia and Russia, although mounting fears of a deep global recession d

Brent crude LCOc1 futures jumped 11.36%, or $2.81, to $27.55 by 0701 GMT, after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their price war and Russian President Vladimir Putin called for a solution to “challenging” oil markets.

Saudi Arabia’s benchmark stock index .TASI advanced 1.5%, led by a 2.8% rise in oil giant Saudi Aramco 2222.SE.

Petrochemical stocks also made solid gains, with Saudi Basic Industries 2010.SE climbing 3.3% and Rabigh Refining and Petrochemical 2380.SE jumping 6.3%.

The Qatari stock index .QSI gained 1.2%, with most of the constituents in positive territory. Market heavyweight Industries Qatar IQCD.QA climbed 2.8%.

In Dubai, the index .DFMGI edged up 0.2%, supported by a 1.9% gain in blue-chip developer Emaar Properties EMAR.DU.

The Abu Dhbai index .ADI declined 1.7%, dragged by a 2.1% drop in top lender First Abu Dhabi Bank FAB.AD and a 2% fall in telecom company Etisalat.