Mideast Stocks: Most Gulf markets track Asian shares, oil prices higher

Mideast Stocks: Most Gulf markets track Asian shares, oil prices higher

Most major stock markets in the Gulf rose in early trade on Tuesday, in line with Asian shares and oil prices, although the Saudi index was on course to extend losses on profit-taking.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.44%, boosted by investor optimism that the region's central banks will continue to pause or end interest rate increase cycles, whatever action the U.S. Federal Reserve takes.

Dubai's main share index gained 0.6%, with blue-chip developer Emaar Properties gaining 0.5% and top lender Emirates NBD was up 0.8%.

Elsewhere, Dubai Electricity and Water Authority advaced 1.2% after shareholders approved distribution of a one-time special dividend of 3.34 fils per share.

In Abu Dhabi, the index added 0.1%.

Oil prices - a key catalyst for the Gulf's financial markets - rose on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude stockpiles.

Saudi Arabia's benchmark index, which touched its peak for the year, fell 0.3%. Al Rajhi Bank dropped 0.8%, while Retal Urban Development Co was down 0.3%.

Among other losers, Saudi Investment Bank retreated 1.8% as the lender traded ex-dividend.

The Qatari index climbed 0.3%, on course to end four sessions of losses, led by