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Dec 22 (Reuters) – Most major stock markets in the Gulf region rose in early trade on Thursday as oil prices rose for a fourth straight session, although global economic worries capped gains.
Saudi Arabia’s Benchmark Index (.one) Edged up 0.1%, boosted by oil major Saudi Aramco’s 0.3% gain (2222.SE).
Oil prices – the main catalyst for financial markets in the Gulf region – climbed for a fourth day in a row, with U.S. crude, heating oil and jet fuel inventories increasingly tight, even as the U.S. is battered by a cold snap that sets the holiday travel season soaring.
In Abu Dhabi, the index (.FTFADGI) It rose 0.1%, helped by a 0.6% gain at the country’s largest lender, First Abu Dhabi Bank (FAB.AD).
MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) Shares rose 1.5 percent after upbeat U.S. consumer data cheered Wall Street investors.
Qatar Index (.QSI) Up 0.3%, on track to extend gains from the previous session, with petrochemicals firm Industries Qatar up 1.1% to lead gains (IQCD.QA).
The country is one of the world’s largest exporters of liquefied natural gas, Approved its FY 2023 budget On Monday, its finance minister said revenue was expected to grow by 16.3% next year due to higher average oil prices.
The budget is based on an oil price assumption of $65 a barrel, compared with $55 in 2022.
Dubai main stock index (.DFMGI) Down 0.2%, major bank Emirates NBD down 1.1% (ENBD.DU).
Reporting by Ateeq Shariff in Bengaluru; Editing by Jacqueline Wong
Our standards: Thomson Reuters Trust Principles.
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