Most major Gulf stocks trade higher, Qatar outperforms
Qatar led gains among most of the Gulf stock markets that were in green on Thursday, as oil prices rose due to worries of supply disruptions.
Concerns over global supply were rekindled after the United States imposed sanctions on a subsidiary of Russian state oil major Rosneft ROSN.MM, which could cut more Venezuelan crude from the market.
Brent crude futures LCOc1 were up 14 cents, or 0.2%, to $59.26 a barrel by 0505 GMT, after climbing to as high as $59.71 earlier in the day.
The Qatari index .QSI advanced 1.1%, with Mesaieed Petrochemical Holding MPHC.QA jumping 4.5% ahead of its results and Qatar National Bank QNBK.QA, Gulf’s largest lender, rising 0.7%.
Gulf International Services GISS.QA rose 2.9% after the drilling and rigging service provider posted a net profit of 44 million riyals ($12.09 million) in 2019 compared to a loss of 98 million riyals a year earlier.
Saudi Arabia’s benchmark index .TASI gained 0.3%, supported by gains at financial stocks. Al Rajhi Bank 1120.SE added 0.8% and Saudi British Bank 1060.SE rose 1.4%.
Elsewhere, Saudi Basic Industries 2010.SE, the world’s fourth-biggest petrochemicals maker, gained 1.5%.
In Dubai, the index .DFMGI edged up 0.1%, helped by gains in real estate companies. Deyaar Development DEYR.DU rose 2.4%, while DAMAC Properties DAMAC.DU was up 2.2%.
In Abu Dhabi, the index .ADI slipped 0.3% as telecommunications firm Etisalat ETISALAT.AD declined 0.6% and Abu Dhabi Commercial Bank ADCB.AD fell 1.2%.