Mideast Stocks: Most Gulf Stock Markets Rise As Oil Prices Hold Steady

Most Gulf stock markets ended higher on Thursday, with Saudi Arabia rebounding from a two-year low, as ‍steady oil prices ‍created a more positive mood.

Oil — a key catalyst for Gulf financial ​markets — held firm after reports Washington was preparing new measures targeting Russian crude, while traders also assessed ⁠potential disruptions tied to a Venezuelan tanker blockade.

Saudi Arabia's benchmark stock index rose 0.4% after touching its lowest ⁠level in ‌about two years, with most sectors advancing. Saudi National Bank added 1.1%, while Saudi Arabian Mining Co (Ma'aden) jumped 4% after the miner said it received the Ministry ⁠of Energy's approval for feedstock allocation for its Phosphate 4 project.

The Abu Dhabi benchmark index snapped a four-session losing streak to close 0.5% higher, led by gains in financials and energy. 

First Abu Dhabi Bank climbed 1.5% and ADNOC Gas rose 0.6%. Separately, Abu ⁠Dhabi National Oil Company secured $11 billion ​in structured financing to monetise future gas production from its Hail and Ghasha development.

Dual-listed Orascom Construction fell 3.4% after Norbury ‍Capital said on Wednesday it would contest fertiliser maker OCI's proposed merger with Orascom Construction in its current form, ​arguing it undervalues OCI and disadvantages minority shareholders.

The Qatari benchmark index extended losses for a fourth session, closing down 0.7% as most stocks declined. Industries Qatar slid 2% and Qatar National Bank — the region's largest lender — fell 1.3%. Separately, state-owned QatarEnergy lowered the term premium for February-loading al-Shaheen crude after weakness in spot benchmark premiums, sources said.

Dubai's benchmark stock index slipped 0.5%, dragged down by a 9.6% drop in Gulf Navigation Holding and a 0.7% decline in Emaar Properties. Tecom Group rose 2.5% after the business districts operator said it launched a 615 million dirham innovation hub in ⁠Dubai Internet City to meet rising office-space demand.

Outside the ‌Gulf, Egypt's blue-chip index fell 0.6% for a third straight session as broad-based weakness persisted. Eastern Company dropped 5.6%, while Commercial International Bank fell 2.7%.

SAUDI ARABIA up 0.4% to 10,450

KUWAIT up 0.1% to ‌9,536

QATAR fell 0.7% ⁠to 10,655

EGYPT down 1.4% to 40,927

BAHRAIN up 0.7% to 2,072

OMAN up 0.1% to 5,941

ABU DHABI rose 0.5% to 10,001

DUBAI fell ⁠0.5% to 6,081