Mideast Stocks: Most Gulf markets rise on strong oil prices

PHOTO
An investor monitors a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia January 18, 2016. Image used for illustrative purpose. Faisal Al Nasser

Most stock markets in the Gulf ended higher on Thursday amid rising oil prices as investors awaited the result of OPEC+ meeting where oil producers are likely to agree output cuts for early next year. Oil prices - a key catalyst for the Gulf's financial markets- climbed 1% on Thursday with Brent trading at $83.95 a barrel by 1230 GMT.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is likely to agree to additional output cuts of more than 1 million barrels per day, meeting delegates told Reuters. The OPEC+ meeting is scheduled to begin at 1400 GMT, after an OPEC-only ministers meeting at 1100 GMT.

Saudi Arabia's benchmark index was up for the third consecutive session, ending 0.7% higher with most sectors in the green. The index jumped 4.6% in November, its biggest monthly gain since April. Elm Company rose 1.4% and the kingdom's largest lender Saudi National Bank climbed 2%. The Qatari index snapped its six session losing streak and closed 0.5% higher, helped by a 2.2% rise in Qatar Islamic Bank and 5.7% surge in Mesaieed Petrochemical.

In Abu Dhabi, the benchmark index was up for the third straight session, inching up 0.1%, supported by a 1.1% gain in Aldar Properties and 1% rise in UAE's largest lender First Abu Dhabi Bank.

Dubai's benchmark index fell 0.2%, with most sectors in the red. Emirates Central Cooling Systems Corp declined 1.8% and Emirate's largest lender Emirates NBD lost 0.9%. Outside the Gulf, Egypt's blue-chip index fell for a third consecutive session and ended 0.1% lower, with Commercial International Bank dropping 1% and Talaat Mostafa Group Holding sliding 3.3%. However, Misr Fertilizer and Orascom Egypt gained 2.6% and 9.9% respectively.