Mideast Stocks: Most Gulf markets rise on higher oil prices; Egypt extends losses

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Most stock markets in the Gulf rose on Wednesday, led by the Saudi benchmark on higher oil prices, while shares in Egypt continued to ease for a second straight session.

Oil prices - a catalyst for the Gulf's financial markets - climbed on the day, boosted by potential supply disruptions after Ukrainian attacks on Russian refineries and signs of strong demand.

Brent was up 1.9% at $83.44 a barrel by 1300 GMT.

Saudi Arabia's benchmark index advanced 0.9%, extending its rally to a second consecutive session, with almost all the sectors in the green. Al Rajhi Bank, the world's largest Islamic lender, climbed 1.5% and ACWA Power surged 3.1%.

Dubai's benchmark index was up 0.2%, lifted by gains in the communications, finance and industry sectors, with Emirates NBD, the Emirate's largest lender, rising 1.5% and Emaar Development gaining 2.4%. In Abu Dhabi, the benchmark rose 0.2%, supported by a 1.1% increase in conglomerate Alpha Dhabi and a 0.2% gain in the UAE's largest lender, First Abu Dhabi Bank.

The Qatari benchmark index was up marginally as gains in real estate, consumer staples, industry, energy, and material stocks countered losses in finance, utilities and communications. Qatar Navigation and Barwa Real Estate climbed 3.3% and 1.3%, respectively, while Qatar National Bank , the region's largest lender, shed 0.2%.

Outside the Gulf, Egypt's blue-chip index slumped 5%, extending its slide to a second consecutive session, with all the stocks in the red. Commercial International Bank dropped 6.8% and Eastern Co sunk 7.2%. Meanwhile, the European Union is readying a 7.4 billion euro ($8.08 billion) package aimed at shoring up Egypt's economy amid fears that the conflict in Gaza and Sudan could exacerbate the country's financial troubles, the Financial Times reported on Wednesday.