Gulf markets up on higher oil prices

Gulf stock markets rose on Thursday as oil prices increased after two days of decline, Reuters reported. Traders are analysing the latest data on US crude oil and gasoline inventories. Brent crude was up 0.3 per cent at $86.38 a barrel.

In Saudi Arabia, the benchmark index advanced 0.6 per cent, with shares of Bupa Arabia and ACWA Power surging by 5.2 per cent and 2 per cent, respectively. Saudi National Bank climbed 4 per cent after appointing a new CEO.

In Qatar, the index rose 0.4 per cent, with shares of Qatar National Bank and Qatar Islamic Bank inching up by 0.6 per cent and 0.7 per cent, respectively.

Dubai’s index edged up 0.2 per cent, supported by 0.6 per cent rise in shares of Emaar Properties and a 1.2 per cent increase in shares of Emirates NBD.

However, shares of Al Ansari Financial Services declined 1.9 per cent and of National Central Cooling fell 3.6 per cent due to ex-dividend trading.

In Abu Dhabi, the index was stable, with shares of Aldar Properties declining 1.8 per cent and of Abu Dhabi Commercial Bank rising one per cent.