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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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