Most Gulf markets rise amid a rise in oil prices

Most Gulf markets closed high on Tuesday on increasing oil prices, amid anticipations that the Organisation of the Petroleum Exporting Countries (OPEC+) producer group would extend output cuts.

Oil prices – an indicator for the Gulf’s financial markets – were up on Tuesday with Brent trading at $80.82 a barrel.

Dubai’s benchmark index (. DFMGI) rose by 0.4 percent with mostly all sectors in the green area.

The real estate developer Emaar Properties (EMAR.DU) climbed by 2.7 percent and Emirate’s largest lender Emirates NBD (ENBD.DU) also climbed by 1.1 percent.

In Abu Dhabi, the benchmark index (. FTFADGI) rose by 0.3 percent, supported by a 1.1% earning in conglomerate Alpha Dhabi (ALPHADHABI.AD) and a 1.8 percent jump in Abu Dhabi National Oil Company for Distribution (ADNOCDIST.AD)

Saudi Arabia’s scale index (. TASI) added 0.2 percent, supported by gains in the sectors of energy, finance, healthcare and materials.

Lumi Rental (4262. SE) climbed by 2.4 percent and Dr Sulaiman Al Habib Medical Services (4013. SE) went up by 3.7 percent.

However, the Qatari index (. QSI) dropped by 0.2 percent, overloaded by a 0.9 percent decline in Industries Qatar (IQCD.QA) and a 2.7 percent drop in Qatar Navigation (QNNC.QA).

On the other hand, the Gulf’s largest lender, Qatar National Bank (QNBK.QA), added 0.8 percent and Qatar Islamic Bank (QISB.QA) gained 0.9 percent.