DUBAI: Most Gulf stock indexes closed higher on Tuesday, as fears of a banking contagion eased, while rise in oil prices amid supply disruption risks and strong demand recovery in China also lifted sentiment.
Oil prices - a key catalyst for Gulf’s financial markets - extended gains from the previous session amid supply disruption risks from Iraqi Kurdistan and hopes that turmoil in banking is being contained, with Brent crude futures gained 61 cents, 0.8%, to $78.73 a barrel by 1006 GMT. “Improving sentiment has benefited GCC stock markets where performances were in the red lately as receding concerns over the US and European banking sectors have brought some relief for investors,” said Ahmed Negm, head of market research MENA at XS.com.
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