Mideast Stocks: Saudi, Dubai bourses rise in early trade, Qatar Falls

Mideast Stocks: Saudi, Dubai bourses rise in early trade, Qatar Falls

Stock markets in Dubai and Saudi rose on Thursday on rising oil prices as data showed a jump in refinery runs in China, although other major markets were subdued amid U.S. Federal Reserve's hawkish signals on interest rate hikes.

Crude prices — a key catalyst for the Gulf's financial markets — edged up on Thursday with Brent crude LCOc1 at $73.39 a barrel by 0750 GMT. O/R

Oil refinery throughput in China, the world's top crude importer in May rose 15.4% from a year earlier, data showed on Thursday, hitting its second highest total on record.

Saudi Arabia's benchmark stock index .TASI rose 0.2%, lifted by gains in finance, health care and consumer staples sectors with Dr Sulaiman Al-Habib 4013.SE Medical Services adding 1.6% and Almarai Company 2280.SE surging 7.3%.

Dubai's benchmark stock index .DFMGI added 0.2%, supported by gains in most sectors, with Emaar Development EMAARDEV.DU rising 2% and the Gulf Navigation GNAV.DU adding 2.6%.

The emirate's largest lender Emirates NBD ENBD.DU gained 0.7%.

In Qatar, the benchmark index .QSI fell 0.5%, with index heavyweight Qatar Islamic Bank QISB.QA dropping 0.8% and region's largest lender Qatar National Bank QNBK.QA sliding 1.7%.

In Abu Dhabi, the benchmark stock index .FTFADGI lost 0.2%, weighed down by a 1.2%