Mideast Stocks: Most Gulf bourses gain in early trade; Saudi extends loss

Mideast Stocks: Most Gulf bourses gain in early trade; Saudi extends loss

Most major Gulf equities rode on a global rally to open up on Thursday amid a steady rise in oil price, although the Saudi index extended the losses.

Oil prices, a key driver for financial markets in the Middle East, rose as much as $1 per barrel on Thursday after dropping below key technical support levels in the previous session, as an energy standoff between Europe and Russia focused investors on how tight fuel supply may become.

In Dubai, the main share index edged up 0.2%, supported by its real estate and financial stocks. The blue-chip developer Emaar Properties climbed 1.2% and lender Dubai Islamic Bank was up 0.7%.

Dubai's property market recovered strongly from the severe downturn in 2020, propelled by an economic rebound and higher energy prices after the emirate eased pandemic restrictions faster than most cities around the world.

However, a Reuters poll on Dubai housing market outlook, published on Sept. 5 showed the recovery was fragile and uneven, and an oversupply of residential properties along with rising interest rates would pressure prices over the coming months.

In Abu Dhabi, the index inched up 1%, boosted by a 1.5% gain in the country's largest lender First Abu Dhabi Bank and a 2.3%