Mideast Stocks: Energy stocks lift Saudi, Qatar extend losses

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Saudi Arabia's stock market ended higher on Thursday, with energy stocks giving the index a last-minute boost after oil prices surged to their highest in 2023 on tight supply outlook, while Qatar extended losses to a third session.

Oil prices, a key contributor to the Gulf economy, rose more than 1% to hit $93 a barrel for the first time this year. Brent crude was up 1.47% or $1.35 to $93.23 a barrel by GMT 1236.

Last minute momentum in energy sector stocks helped Saudi Arabia's benchmark index to recoup earlier losses as the index closed 0.3% higher.

Oil giant Saudi Aramco jumped 1.5%, while the world's largest Islamic lender Al Rajhi Banking & Investment Corporation gained 0.9%. Alkhorayef Water And Power Technologies jumped 2.8% as the firm signed a 7.78 billion riyal ($2.07 billion) worth Rayis-Rabigh Independent Water Transmission Pipeline (IWTP) Project with Saudi Water Partnership Company.

Abu Dhabi's share index settled 0.4% higher, bolstered by a 0.7% hike in Conglomerate International Holding Co, while E& (formerly known as Etisalat) added 2.1%. Meanwhile, the Qatari index shed 0.5%, falling for the third session in a row, as Petrochemical maker Industries Qatar lost 1.7% and Islamic lender Qatar Islamic Bank slipped 0.7%.

Dubai's main index eased 0.4%, dragged down by a 0.8% decrease in Dubai Electricity And Water Authority and a 2.6% slump in Islamic lender Mashreq Bank.

Outside the Gulf, Egypt's blue-chip index advanced 0.9%, lifted by a 1.5% jump in Commercial International Bank Egypt.

Real estate developer Talaat Mostafa Group Holding Co surged 11.7% to hit a more than six-year high, after signing an agreement on Monday with Saudi National Housing Company to develop a smart integrated and sustainable residential city with investment cost of SAR 40 billion riyals ($10.66 billion).