July 3 (Reuters) – Most equities in the Gulf region ended higher on Monday as oil prices rose, with Dubai outperforming the region while Qatar bucked the trend.
Oil prices, a key catalyst for Gulf financial markets, came after major exporters Saudi Arabia and Russia announced higher oil prices supply cuts In August, that overshadowed concerns about a slowing global economy and the possibility of further U.S. rate hikes.
Saudi Arabia, OPEC’s de facto leader, pledged earlier this month to slash output in July as the group seeks to boost depressed oil prices, building on a broader OPEC+ deal to curb supply until 2024.
Dubai main stock index (.DFMGI) Shares in blue-chip developer Emaar Properties rose 2.3 percent after the four-session break, propelled by a 3.6 percent rise in shares of blue-chip developer Emaar Properties (Emma. You) Top bank Emirates NBD up 3% (ENBD.DU).
George Pavel, managing director for the Middle East at Capex.com, said the Dubai stock market resumed trading on a strong note as traders returned with positive sentiment.
“Major indices extended their upward trend after a brief hiatus, supported by the rise of several sectors on the back of a solid local economy.”
In Abu Dhabi, the index (.FTFADGI) Add 0.1%.
Pawel said Qatari stocks were under pressure after a slight rebound. Natural gas prices, which remain near multi-month lows, are likely to continue to weigh on the market.
Reporting by Ateeq Shariff in Bengaluru; Editing by Shirpi Majumdar
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