Mideast Stocks: Major Gulf bourses track oil prices higher

Mideast Stocks: Major Gulf bourses track oil prices higher

Major stock markets in the Gulf rose in early trade on Wednesday, tracking oil prices higher, with the Abu Dhabi index edging closer to recent record highs.

Oil prices, a key catalyst for the Gulf's financial shares, rose over $1, rebounding from six-month lows hit the previous day, as an unexpectedly large drop in U.S. oil and gasoline stocks reminded investors that demand remains firm, even if at times overshadowed by the prospect of a global recession.

Saudi Arabia's benchmark index edged 0.2% higher, with Retal Urban Development Co rising 1% and Al Rajhi Bank gaining 0.5%.

Elsewhere, Saudi Enaya Cooperative Insurance jumped more than 3% after the insurer swung to quarterly profit of 2.8 million riyals ($745,851), compared to a loss of 8.6 million riyals year ago.

Dubai's main share index gained 0.4%, bolstered by a 1.5% rise in blue-chip developer Emaar Properties ahead of its board meeting on Thursday to discuss the sale of its e-commerce fashion business.

Last week, Emaar announced it would buy out Dubai Holding from their joint Dubai Creek Harbour development in a $2 billion deal equally financed by cash and Emaar Properties shares.

The operator of Dubai International said on Wednesday over 14 million passengers had travelled through the