Major stock markets in the Gulf rose yesterday led by the Abu Dhabi benchmark on higher oil prices, while shares in Egypt continued to ease for a second straight session.
Oil prices gained, as attacks on Russian energy facilities intensified with Brent rising 0.8 per cent to $86.02 a barrel.
In Abu Dhabi, the benchmark index rose 0.7pc, ending its previous session of losses.
First Abu Dhabi Bank, UAE’s largest lender, gained 1.1pc while Abu Dhabi National Oil’s (Adnoc) units Adnoc Drilling and Adnoc Logistics climbed 1.8pc and 1.3pc, respectively.
The state-owned energy major Adnoc signed a 15-year deal to supply 1 MMT a year of LNG to a unit of Germany’s state-owned Securing Energy for Europe.
Dubai’s benchmark index advanced 0.3pc, with blue-chip developer Emaar Properties rising 2.2pc and Dubai Electricity adding 1.2pc.
Saudi Arabia’s benchmark index edged up 0.1pc, extending its rally to a fifth straight session with Saudi National Bank, the kingdom’s largest lender, advancing 1.9pc and Saudi Awwal Bank gaining 2.5pc.
The Qatari benchmark index was up marginally, helped by a 2.9pc gain in Qatar Gas Transport and 1.3pc rise in Industries Qatar, while Doha Bank and Masraf Al Rayan slipped 4.7pc and 1.9pc, respectively.