Mideast Stocks: Gulf shares ride high on upbeat oil prices; FAB drags Abu Dhabi

Mideast Stocks: Gulf shares ride high on upbeat oil prices; FAB drags Abu Dhabi

Most major Gulf stock markets closed higher on Monday, as risk appetite picked up and investors hoped rising oil prices would continue pumping more dollars into the region.

Oil, which fuels the region's growth, extended gains on Monday, rising about 3% after China's move to reopen its borders boosted the outlook for fuel demand and overshadowed global recession concerns. Brent crude was up $2.29, or 2.9%, at $80.86 a barrel by 1150 GMT.

Fadi Reyad, chief market analyst at CAPEX.com MENA, said GCC stock markets were mostly seeing positive performances on back of improved sentiment as China continues its reopening.

The benchmark Qatari index jumped 1.5%, boosted by financial and petrochemical stocks, as the Gulf's largest lender Qatar National Bank surged 2.5%, while Industries Qatar was up 1.7%. Qatari IT services firm MEEZA, part-owned by telecom operator Ooredoo, said it is selling 50% of its share capital in a public-share sale with a planned listing on the Qatar Stock Exchange.

Saudi Arabia's benchmark index rose 1.1%, led by a 1.3% hike in Al Rajhi Bank while oil behemoth and index heavyweight Saudi Aramco settled 0.6% up. Among other active stocks, Zain KSA ended up 3.3%, paring gains after rising as much as 7.3% in