DUBAI: Most Gulf stock markets rose in early trade yesterday, tracking oil prices higher as investors’ risk appetite improved after data on US jobs and Chinese exports eased recession concerns.
Brent crude futures was up 81 cents, or 0.9 per cent, at $95.73 a barrel.
Saudi Arabia’s benchmark index gained 0.5pc, on course to end four sessions of losses. Retal Urban Development Co advanced 1.3pc and Saudi National Bank, the country’s biggest lender, climbed 1.5pc.
The kingdom has registered a budget surplus of nearly 78 billion riyals ($21bn) in the second quarter of 2022, the finance ministry said last week, an almost 50pc rise from a year earlier, bolstered by high oil prices.
Saudi Arabia has pledged to “decouple” state spending from oil price fluctuations. Its expected surplus for 2022 – which would be its first in nearly a decade – will sit in the government’s current account until the government’s finance committee decides how to allocate it, likely early next year.
Dubai’s main share index added 0.5pc, led by a 0.7pc rise in top lender Emirates NBD and a 0.6pc increase in blue-chip developer Emaar Properties.
In Abu Dhabi, equities were up 0.5pc, with conglomerate International Holding Co rising 1pc.
The UAE intends to invest $1 billion in Pakistani companies across various sectors, state news agency (WAM) reported citing an official source in Abu Dhabi.