Most Gulf stock markets rebound on rising oil prices

A trader looks at screens at the Bahrain Stock Exchange in Manama, Bahrain, February 7, 2018. REUTERS/Hamad I Mohammed

Jan 27 (Reuters) – Most major Gulf stock markets rebounded on Thursday as oil prices hit seven-year highs on fears of a disruption in energy supplies due to escalating tensions between the Russia and Ukraine.

Brent crude futures were up 89 cents, or 1%, at $90.85 a barrel at 12:17 GMT, while US West Texas Intermediate (WTI) crude futures were up 87 cents, or 1%, to $88.22.

Crude prices are a key catalyst for Gulf financial markets.

Dubai’s main stock market index (.DFMGI) gained 0.5%, helped by a 1.5% jump from Emirates NBD Bank (ENBD.DU), after the main regional lender reported a 34% increase on Wednesday. % of its annual profit. Read more

Equities in Dubai, however, could suffer more corrections as they did earlier this month in the absence of a clear catalyst and declining global risk appetite on a hawkish US Federal Reserve. , said Farah Mourad, senior market analyst at XTB MENA.

The Abu Dhabi index (.FTFADGI) edged up 0.2%, after falling 1.6% during the session. Heavyweight First Abu Dhabi Bank (FAB.AD) fell after falling 4% to close flat.

The bank offered a lower dividend this year, but its annual net profit rose about 19% to 12.53 billion dirhams ($3.41 billion).

“Its proposed dividend of 0.70 dirhams per share was lower than the 0.74 dirhams paid in 2020,” an analyst said.

The Qatar Index (.QSI) ended up 0.2%. Qatar Islamic Bank (QISB.QA) gained 1%, while Industries Qatar (IQCD.QA) rose 0.7%.

Saudi Arabia’s benchmark index (.TASI) ended flat in a volatile session. Al Rajhi Bank (1120.SE) fell 0.7%, while Saudi National Bank (1180.SE) gained 1.4%.

($1 = 3.6726 UAE dirhams)

($1 = 3.7517 riyals)

Reporting by Shamsuddin Mohd in Bengaluru; Edited by Ramakrishnan M.

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