Mideast Stocks: Most major Gulf bourses track oil prices higher

LG

19/01/2022 08:19

Jan 19 (Reuters) - Most major Gulf stock markets rose in
early trade on Wednesday, amid strong oil prices, with the Saudi
index holding steady at its highest since July 2006.
    Crude prices, a key factor for the Gulf's financial markets,
rose for a fourth day as an outage on a pipeline from Iraq to
Turkey increased concerns about an already tight supply outlook
amid worrisome geopolitical troubles in Russia and the United
Arab Emirates.  O/R 
    Saudi Arabia's benchmark index  .TASI  added 0.1%, at its
highest in over 15 years, with its largest lender Saudi National
Bank  1180.SE  rising 0.4%.
    Saudi Basic Industries Corporation (SABIC)  2010.SE  gained
0.4% after its plans to build a petrochemicals plant in the city
of Jubail on the gulf coast in the Eastern Province.
 urn:newsml:reuters.com:*:nC6N2SF013
    Separately, South Korea's LG Corp  003550.KS  is planning to
establish its regional headquarters in Saudi Arabia's capital
Riyadh, Asharq television reported on Tuesday.  urn:newsml:reuters.com:*:nC6N2TH01J
    In Abu Dhabi, the index  .ADI  rose 0.3%, led by a 0.9% gain
in First Abu Dhabi Bank  FAB.AD .
    Dubai's main share index  .DFMGI  dropped 0.8%, hit by a
1.7% fall in blue-chip developer Emaar Properties  EMAR.DU  and
a 0.6% decline in sharia-compliant lender Dubai Islamic Bank
 DISB.DU .
    The UAE late on Tuesday called for a meeting of the United
Nations Security Council to condemn an attack on Abu Dhabi on
Monday by Yemen's Houthi movement, which has threatened further
attacks.  urn:newsml:reuters.com:*:nS8N2TI019
    By attacking the United Arab Emirates the Houthis sought to
warn the Gulf state to stay out of a battle for prized energy
regions in Yemen, where the Iran-aligned group has been angered
by losses to forces backed by the powerful U.S. ally.
 urn:newsml:reuters.com:*:nL8N2TY3TK
    The Qatari index  .QSI  edged up 0.1%, with petrochemical
maker Industries Qatar  IQCD.QA  rising 0.5%.
   

 (Reporting by Ateeq Shariff in Bengaluru; editing by David
Evans)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))