Mideast Stocks: Most Gulf bourses track oil prices higher

Mideast Stocks: Most Gulf bourses track oil prices higher

Most Gulf stock markets rose in early trade on Thursday, tracking gains in global peers and oil prices, although Abu Dhabi extended losses to a second session.

Crude prices- a key catalyst for the Gulf's financial markets - edged up after International Energy Agency (IEA) said oil demand would rise by 2 million barrels per day (bpd) in 2023, with China making up 900,000 bpd of the increase.

Brent was up 0.7%, to $85.92 per barrel by 0745 GMT.

The Qatari Stock index inched up 0.6%, bolstered by gains in banking and industrial sectors with Industries Qatar rising 2% and Masraf Al Rayan gaining 2.4%.

The region's largest lender Qatar National Bank and Qatar Islamic Bank rose 0.7% and 0.6%, respectively.

Mesaieed Petrochemical declined 1.4% after it reported a drop in full-year net profit.

Dubai's benchmark stock index was up 0.1% in early trade, aided by gains in industry sector stocks, with toll operator Salik rising 1.2%.

Dubai's real estate developer Deyaar Development climbed 2.6% after it reported on Wednesday a 187% jump in full-year net profit.

Saudi Arabia's benchmark stock index inched up 0.1%, helped by gains in finance, materials and energy sectors, with world's largest Islamic bank by assets Al Rajhi Bank gaining 0.4% and oil