Major stock markets track oil prices higher
- Saudi Arabia's benchmark index finished 0.3% higher, led by a 0.8% gain in Al Rajhi Bank and a 2.1% rise in Saudi Arabian Mining Company
Major stock markets in the Gulf rose on Tuesday with higher oil prices, with the Abu Dhabi index extending gains for a third consecutive session.
Oil headed towards $84 a barrel and was within sight of a three-year high as a rebound in global demand contributes to energy shortages in big economies such as China.
Saudi Arabia's benchmark index finished 0.3% higher, led by a 0.8% gain in Al Rajhi Bank and a 2.1% rise in Saudi Arabian Mining Company.
Among other gainers, oil giant Saudi Aramco added 0.5%. Aramco has asked banks to arrange a loan expected to be in the $12-14 billion range that it plans to offer to buyers of its gas pipeline network, Reuters reported citing sources, as the oil giant advances plans to raise funds from asset sales.
However, renewable energy utility ACWA Power International fell more than 8%, a day after jumping 30% in its market debut following a $1.2 billion IPO.
The kingdom's Nayifat Finance Company said on Tuesday it plans an initial public offering on the Riyadh stock exchange with a free float of 35% of its shares.
Major Gulf bourses end mixed; ACWA Power surges on debut
In Abu Dhabi, the index reversed early losses to inch 0.1% higher, with Emirates Telecommunications Group rising 1.1% and conglomerate International Holding Co (IHC) nudging up 0.1%.
IHC has agreed to acquire 51% of Bin Suhail Group through a subsidiary to form a beauty industry joint venture, it said on Monday.
Dubai's main share index advanced 0.6%, bolstered by a 2.3% rise in Emirates NBD Bank and a 0.6% gain in sharia-compliant lender Dubai Islamic Bank.
However, Emaar Malls retreated 1.5%.
Emaar Properties said on Monday shareholders had approved an all-share merger with Emaar Malls.
The Qatari benchmark rose 0.2%, helped by a 1% gain in petrochemical maker Industries Qatar.
Outside the Gulf, Egypt's blue-chip index climbed 0.7%, with most of its stocks in positive territory, including top lender Commercial International Bank.
SAUDI ARABIA rose 0.3% to 11,543
ABU DHABI gained 0.1% to 7,787
DUBAI up 0.6% to 2,788
QATAR added 0.2% to 11,596
EGYPT rose 0.7% to 10,783
BAHRAIN was up 0.2% to 1,701
OMAN fell 0.1% to 3,956
KUWAIT added 0.4% to 7,443
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