Mideast Stocks: Gulf stocks extend rally, Qatar leads gains

Mideast Stocks: Gulf stocks extend rally, Qatar leads gains

Most stock indexes in the Gulf rose in early trade on Wednesday as recession fears ebbed, extending a rebound from the recent selloff triggered by central banks globally raising interest rates to tame inflation.

Saudi Arabia's benchmark index gained 1.2%, bolstered by a 2.5% rise in Al Rajhi Bank and a 2.2% gain in the kingdom's largest lender, Saudi National Bank . The index is up for a fourth session.

Saudi Arabia's foreign minister said on Tuesday that he saw no shortage of oil in the market, but a lack of oil refining capacity, making it necessary to invest more in capacity to process crude oil into various oil products.

Dubai's main share index extended gains to a fifth session, adding 1.1%, with Emirates Integrated Telecommunications advancing 3.3%.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.2%, as strong U.S. corporate earnings and the expected resumption of Russian gas supply to Europe helped lift risk-on sentiment and eased fears of a recession, while the dollar was at two-week lows.

Abu Dhabi shares gained 0.4%, led by a 0.6% rise in the United Arab Emirates's biggest lender, First Abu Dhabi Bank. Stocks gained for a fourth consecutive session.

French company TotalEnergies announced on Tuesday