Major Gulf stock markets ended higher on Tuesday, fueled by rising oil prices, as investors bet on OPEC+ extending its production cuts at Thursday's meeting, although Qatar's index bucked the trend with a flat close.

Oil prices, a major driver for Gulf economies, were trading at $73.01 a barrel, up 1.7% by 0114 GMT.

Saudi Arabia's benchmark stock index <.TASI> advanced 0.7% on broad-based gains across nearly all sectors. The top gainers included Al Taiseer Group TALCO Industrial <4143.SE>, which jumped 3.4%, while ACWA Power <2082.SE> rose 1.5%.

Saudi National Bank <1180.SE>, the kingdom's largest lender by assets, added 1.9%, while Saudi Arabian Mining (Ma'aden) <1211.SE> climbed nearly 2%.

Meanwhile, United International Holding Company <4083.SE> surged 30% in market debut to 171.6 riyals compared to IPO price of 132 riyals.

Separately, Saudi Arabia's non-oil business sector experienced its fastest expansion in four months during November, driven by a surge in demand.

Qatar's benchmark index <.QSI> closed flat, its third consecutive session in the red. Industrial and telecom stocks weighed heavily on the market, with Industries Qatar <IQCD.QA> and Ooredoo <ORDS.QA> dropping over 1%.

QatarEnergy, the state-owned petroleum giant, signed a long-term liquefied natural gas (LNG) sales and purchase agreement with Shell on Monday to supply LNG to China.

Outside the Gulf, Egypt's benchmark index <.EGX30> extended its winning streak to four consecutive days, rising 0.2%. Commercial International Bank (CIB) <COMI.CA>, the country's largest private bank, added 0.7%, and Ezz Steel <ESRS.CA> advanced 2.2%.

Among other stocks, Acrowmisr for Metallic Scaffoldings and Frameworks <ACRO.CA> gained nearly 2% following a more than 80% jump in third-quarter profit.

Markets in the United Arab Emirates were closed for a public holiday.

 

SAUDI ARABIA

<.TASI> gained 0.7% to 11,816

QATAR

<.QSI> traded flat at 10,389

EGYPT

<.EGX30> rose 0.3% to 30,629

BAHRAIN

<.BAX> inched up 0.1% to 2,033

OMAN

<.MSX30> gained 0.1% 4,573

KUWAIT

<.BKP> up 0.1% at 7,775

 

(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Vijay Kishore)