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Most Gulf markets open slightly higher, Abu Dhabi extends losses

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Jan 23 (Reuters) – Most major stock markets in the Gulf region opened slightly higher on Monday, shrugging off a slight retreat in oil prices, although Abu Dhabi shares were poised to extend losses.

Oil prices, the main catalyst for Gulf financial markets, traded lower on Monday but held on to most of last week’s gains on the prospect of an economic recovery in China, the biggest oil importer this year.

Brent crude futures were down 46 cents, or 0.5%, at $87.17 by 0349 GMT.

Saudi Arabia benchmark stock index (.one) State oil major and index heavyweight Saudi Aramco edged up 0.1%, boosted by energy and healthcare shares (2222.SE) up 0.6 percent, Sulaiman Al-Habib Medical Services Group (4013.SE) rose 0.8%.

Among other individual stocks, Oriental Pipe Industry Consolidated Company (1321.SE) Soaring more than 9% after signing two separate deals contract It was worth 569 million riyals ($151.5 million) on Sunday.

Dubai main stock index (.DFMGI) Air Arabia rose 0.1%, supported by a 1.4% rise in UAE low-cost carrier Air Arabia (AIRA.DU) Emirates Central Cooling System Corp. rose 1.3%. (Authorization.DU).

benchmark stock index (.QSI) Qatar rose 0.3 percent led by banks.Qatar National Bank (QNBK.QA)the largest bank in the Gulf region by assets, and Qatar International Islamic Bank (QIIB.QA) They rose 2.1 percent and 1.8 percent, respectively.

However, Abu Dhabi’s benchmark (.FTFADGI) International Holdings Ltd fell for a fourth straight session, opening 0.2% lower (IHC.AD) Down 0.5% and Alpha Dhabi (ALPHADHABI.AD) fell 0.6%. ($1 = 3.7548 Rials)

Reporting by Shamsuddin Mohd in Bengaluru; Editing by Savio D’Souza

Our standards: Thomson Reuters Trust Principles.

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