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.