Most of the Gulf stock markets follow oil prices on the rise; Abu Dhabi Falls

Bahraini traders are seen at the Bahrain Stock Exchange in Manama, Bahrain, November 4, 2020. REUTERS / Hamad I Mohammed

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Jan. 10 (Reuters) – Most major Gulf stock markets rose on Monday, following gains in oil prices, with supply disruptions to Kazakhstan and Libya offsetting concerns over the rapid global increase in cases of COVID-19 caused by the Omicron variant.

Brent crude rose 16 cents, or 0.2%, to $ 81.91 a barrel at 4:06 a.m. GMT, while U.S. West Texas Intermediate (WTI) crude rose 15 cents, or 0.2%, to 79 .05 dollars per barrel.

Saudi Arabia’s benchmark index (.TASI) rose 0.3%, supported by financials. Saudi National Bank (1180.SE), the country’s largest lender, rose 0.6%, while Al Rajhi Bank (1120.SE) gained 1.1%.

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In Dubai, the main stock index (.DFMGI) rose 0.5%, supported by a 1% increase in properties from blue chip developer Emaar (EMAR.DU) and a 0.8% increase in Emirates NBD Bank (ENBD.DU), the largest in Dubai. lender.

Emaar Properties announced last week that it would build a shopping center in Srinagar, the main city of Jammu and Kashmir. The investment is part of the emirate’s plans to invest in Indian territory.

The Qatari index (.QSI) edged up 0.1%, extending its gains to a sixth session, helped by a 1.7% rise in Mesaieed Petrochemical (MPHC.QA) and a 0.3% increase of Industries Qatar (IQCD.QA).

The Abu Dhabi index (.FTFADGI) fell 1%, extending losses to a sixth session, weighed down by a 0.7% drop from First Abu Dhabi Bank (FAB.AD), the largest lender from the country.

On January 10, the FTSE ADX general index replaced the ADX general index and the FTSE ADX sector indices replaced the existing sector indices.

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Report by Shamsuddin Mohd in Bangalore; Editing by Subhranshu Sahu

Our standards: Thomson Reuters Trust Principles.

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Felix J. Dixon