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April 17 (Reuters) – Most Gulf stock markets closed higher on Monday as oil held above $85 a barrel and the Saudi index hit its highest level since November.
Crude oil prices were steady as investors focused on China’s first-quarter gross domestic product due on Tuesday for signs of demand recovery in the world’s second-largest oil consumer.
The data is expected to have a positive impact on commodity prices, with the International Energy Agency (IEA) predicting it will account for most of the increase in demand through 2023.
Saudi Arabia’s Benchmark Index (.one) Up 1.2%, the most since November, boosted by oil major Saudi Aramco’s 4.7% (2223.SE).
Farah Mourad, senior market analyst at XTB MENA, said Saudi stocks continued to extend gains on the back of positive sentiment and strong local fundamentals. “However, there could be some price correction in the major indices if investors act to secure gains at the next open.”
Dubai main stock index (.DFMGI) 0.6% up with blue-chip developer Emaar Properties (EMAR. YOU) rose 2.2%.
In Abu Dhabi, the index (.FTFADGI) It closed 0.2 percent higher.
abu dhabi commercial bank (ADCB.AD)The UAE’s third-largest bank reported a 27% rise in first-quarter net profit, driven by higher net interest and non-interest income. Shares of the lender were flat.
Qatar Index (.QSI) Petrochemicals maker Industries Qatar fell 2.3 percent, down 0.6 percent (IQCD.QA).
Egyptian exchanges were closed for a public holiday.
Reporting by Ateeq Shariff in Bengaluru; Editing by John Stonestreet
Our standards: Thomson Reuters Trust Principles.
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