Mideast Stocks: -Most Gulf bourses rise in early trade on stronger oil prices

Gulf Keystone Petroleum

25/09/2023 09:42

By Md Manzer Hussain
       Sept 25 (Reuters) - Most stock markets in the Gulf rose
in early trade on Monday, tracking oil prices higher, amid a
tighter supply outlook after Moscow issued a temporary ban on
fuel exports.
    Oil prices - a key catalyst for the Gulf's financial markets
- rose 0.7%, with Brent crude  LCOc1  trading at $93.96 a barrel
by 0646 GMT.
    Last week, Moscow temporarily banned gasoline and diesel
exports to most countries in order to stabilise the domestic
market.
    Dubai's benchmark stock index  .DFMGI  was up 0.3% in early
trade, lifted by gains in most sectors, with Emaar Properties
 EMAR.DU  surging 1.3% and Mashreqbank  MASB.DU  climbing 3.2%.
    Saudi Arabia's benchmark stock index  .TASI  gained 0.2%
with Saudi Awwal Bank  1060.SE  jumping 1.9% and Saudi Arabian
Mining 1211.SE  surging 3.4%.
    Among the gainers, newly listed auto rental company Lumi
Rental  4262.SE  rose as much as 30% above its listing price in
early trade.
    Lumi's shares increased as high as 85.8 riyals ($22.87)
after opening at 72.6 riyals. Its IPO price of 66 riyals was at
the top of its indicative range.
    In Qatar, the benchmark  .QSI  rose 0.1%, with Qatar
Aluminum Manufacturing  QAMC.QA  adding 1.6% and the Gulf's
largest lender Qatar National Bank  QNBK.QA  gaining 0.3%.
    In Abu Dhabi, the benchmark stock index  .FTFADGI  was down
0.2%, dragged by a 0.2% loss in conglomerate International
Holding Company IHC.AD  and a 1.6% drop in Burjeel Holding
 BURJEEL.AD .
    

 (Reporting by Md Manzer Hussain, editing by Ed Osmond)
 ((MdManzer.Hussain@thomsonreuters.com;))