Mideast Stocks: Most Gulf bourses rise on higher oil prices; Egypt falls

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A trader uses his mobile as he monitors screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh June 15, 2015.

Most Gulf markets ended higher on Thursday, as oil prices rose on signs of a strong economic rebound in top crude importer China. Crude prices — a key catalyst for the Gulf's financial markets — edged up on Thursday. Brent crude was up 0.65% to $84.86 at 1145 GMT.

Crude jumped after manufacturing activity in China grew at the fastest pace in more than a decade last month, as per Wednesday's data, adding to evidence of a rebound in the world's second-largest economy.

The benchmark index in Saudi Arabia ended 0.8% higher, extending its rally to a third session. The index was lifted by gains in almost all sectors with the world's largest Islamic bank by assets, Al Rajhi Bank climbing 2.2% and Dr Sulaiman Al-Habib Medical rising 1.5%. Oil giant Aramco gained 0.6%.

Aramco agreed to take a minority stake in a new powertrain engine company that French car maker Renault SA and China's Geely Automobile Holdings Ltd plan to set up jointly. The shares of ACWA Power rose 1.6% after it reported more than double in annual profit to 1.54 billion riyals ($410.36 million). Among winners, National Shipping Company Of Saudi Arabia (Bahri) gained 1.3% after signing worth about 1.53 billion riyals ($407.70 million) agreement with shareek program to support gas transportation sector.

In Abu Dhabi, the index rose 0.1%, extending its gains to a third session. The index was helped by a 3.6% rise in Abu Dhabi National Energy and 2.2% gain in Multiply.

The Qatari index ended 0.5% higher, with most sectors climbing. Industries Qatar and Qatar International Islamic Bank rose 1.1% and 2.2%, respectively.

Dubai's benchmark index fell 0.3%, weighed down by losses in utilities, real estate and financial sectors. The blue-chip developer Emaar Properties dropped 1.2% and cooling services provider Emirates Central Cooling lost 0.7%.

Outside the Gulf, Egypt's blue-chip index dropped 1.6%, snapping previous session gains with most sectors in the negative territory. Commercial International Bank and Eastern Co declined 2.4% and 4.7% respectively.