DUBAI: Most major stock markets in the Gulf ended higher on Tuesday, mirroring gains in oil prices as tight supply and expectations of a further draw in US and global crude inventories provided support.
Oil prices are forecast to increase as supply falls short while global demand soars, said Michael Stark, research analyst at Exness.
“OPEC has effectively taken initiatives to protect price levels and market share along with other non-OPEC oil producers.”
GCC markets ended on a positive note, with Saudi Arabia’s benchmark index gaining 0.4%, led by a 2.7% leap in Dr Sulaiman Al-Habib Medical Services and a 0.6% increase in oil behemoth Saudi Aramco.
Meanwhile, Aramco has dropped Morgan Stanley as an adviser for the sale of its gas pipelines, and picked JPMorgan and Goldman Sachs for the role, Reuters reported, citing three sources familiar with the matter.
Brent crude for September rose 41 cents, or 0.6%, to $75.57 a barrel by 1225 GMT. In Abu Dhabi, the index added 0.3%, with Emirates Telecommunications Group gaining 1.3% and Aldar Properties rising 1.8%. Dubai’s main share index edged up 0.1%, supported by a 0.8% rise in Shariah-compliant lender Dubai Islamic Bank. The Qatari index fell 0.1%, hit by a 2.7% fall in Qatar Gas Transport.
The logistic firm reported a decline in its revenue for the first-half of 2021, but posted a higher net profit of 635.2 million riyals ($171.79 million), compared with 549.1 million riyals a year earlier.
Outside the Gulf, Egypt’s blue-chip index climbed 1.9%, as most of the stocks on the index were in positive territory including Fawry for Banking Technology and Electronics, which was up 10%.
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