Most major Gulf bourses track energy prices higher

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Saudi woman walks at the Saudi stock market (Tadawul), in Riyadh, Saudi Arabia March 9, 2020. REUTERS/Ahmed Yosri

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  • Abu Dhabi index falls for eighth session in nine
  • Emaar sees biggest intraday gain in over a month on Namshi deal
  • Qatar index snaps three-day losing streak

Aug 24 (Reuters) - The Gulf region's most major stock markets closed higher on Wednesday as investors' risk appetite increased on rising oil prices.

Benchmark Brent oil climbed above $100 a barrel after Saudi Arabia suggested this week that OPEC could consider cutting output in response to poor liquidity in the crude futures market and fears about a global economic downturn. read more

Saudi Arabia's benchmark index (.TASI) added 0.2% with Saudi Aramco (2222.SE) trading 2% higher.

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The kingdom's energy index (.TENI) gained 1.8% on Wednesday.

Abu Dhabi index (.FTFADGI) edged 0.2% lower, falling for an eighth session in nine as investors continued to book profits after the index hit an all-time high earlier this month.

Shares of International Holding Co (IHC.AD), the most valuable company on the Abu Dhabi bourse with a market capitalisation of around $170 billion, dropped 0.4%. The conglomerate has risen about 125% so far this year after it made 70 acquisitions at a total value of 10 billion dirhams ($2.72 billion) this year. read more

Dubai's main share index (.DFMGI) advanced 0.9% after its blue-chip stock Emaar Properties (EMAR.DU) jumped 3.3% to its biggest intraday gain in over a month.

The developer said on Tuesday its deal to sell Namshi will result in net profit of 628.7 million dirhams. The company earlier said it was selling fashion e-commerce venture Namshi to Noon, an e-commerce company backed by Dubai billionaire Mohamed Alabbar and Saudi Arabian sovereign fund the Public Investment Fund. read more

The Qatari index (.QSI) rebounded 0.4%, snapping a three-day losing streak with petrochemical firms Industries Qatar (IQCD.QA) and Mesaieed Petrochemical (MPHC.QA) climbing 1.4% and 1.7%, respectively, on the back of rising gas prices.

The Qatari market returned to the positive side thanks to the higher natural gas prices, said Farah Mourad, senior market analyst of XTB MENA.

Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 0.3% lower extending losses for a second session.

The index, which is down more than 15% so far this year, has come under pressure because of a sharp slide in foreign portfolio investor holdings and rising costs of key commodity imports, especially since Russia's invasion of Ukraine.

($1 = 3.6729 UAE dirham)

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Reporting by Shakeel Ahmad in Bengaluru; Editing by Shailesh Kuber

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