Mideast Stocks: Gulf equities extend gains, Qatar posts best day in 4 years

Mideast Stocks: Gulf equities extend gains, Qatar posts best day in 4 years

Most Gulf stocks closed higher on Tuesday, extending their rebound, as markets tracked a rally in global shares and oil prices, with the Qatari index posting its biggest intraday gain in more than four years.

The MSCI All-World index was last up 0.9% on the day, buoyed by a growing belief among investors that central banks may be on the verge of shifting down a gear in their quest to fight inflation.

Crude prices, a key catalyst for the Gulf's financial markets, rose on expectations that OPEC+ may agree to a large cut in crude output in its meeting this week, while strong demand and upcoming sanctions on Russian oil also lent some support to prices.

The Qatari index jumped 3.5%, its biggest intraday gain since August 2018. All stocks on the index gained, including Industries Qatar, which was up 3.9%. The Qatari bourse continued to rebound following the surge in other markets in the region and elsewhere, said Daniel Takieddine, CEO MENA BDSwiss. "However, it remains exposed to price corrections as natural gas resumes its decline."

Saudi Arabia's benchmark index climbed 1.1%, with Al Rajhi Bank rising 1.6%. The kingdom's non-oil private sector growth remained solid in September, helped by a relatively strong