Mideast Stocks: Major Gulf bourses gain in early trade; Abu Dhabi falls

Mideast Stocks: Major Gulf bourses gain in early trade; Abu Dhabi falls

Most major stock markets in the Gulf gained in early trade on Monday, amid rising oil prices, although the Abu Dhabi index bucked the trend to trade lower.

Crude prices, a key catalyst for the Gulf's financial markets, gained after China rolled over liquidity measures to help its pandemic-hit economy, igniting hopes for a better fuel demand outlook from the world's top crude importer.

Oil prices are expected to remain volatile as production cuts by OPEC+ will tighten supplies ahead of the European Union embargo on Russian oil, while a strong U.S. dollar and further interest rate increases from the U.S. Federal Reserve limit price gains.

OPEC+ pledged, on Oct. 5, to cut output by 2 million barrels per day, which will lead to an actual drop of about 1 million bpd as some members are already producing below their targets.

Saudi Arabia's benchmark index climbed 0.7%, with Retal Urban Development Co rising 1.3% and Al Rajhi Bank gaining 1%.

Saudi King Salman said on Sunday the kingdom was working hard to support stability and balance in oil markets, including by establishing and maintaining the agreement of the OPEC+ alliance.

In Qatar, the index added 0.1%, helped by a 0.6% gain in Qatar Islamic Bank, which