Most stock markets in the Gulf rose in early trade on Monday, tracking global peers, while Abu Dhabi struggled to pick up amid weaker oil prices.
The Qatari benchmark index (.QSI), opens new tab increased 0.7%, lifted by gains in all sectors in positive territory with Qatar Islamic Bank (QISB.QA), opens new tab jumping 1.9% and Industries Qatar (IQCD.QA), opens new tab surging 1.3%. Separately, state-owned Qatar Energy could sign a long-term deal to provide liquefied natural gas (LNG) to Indian buyers on cheaper and more flexible terms than existing contracts, trade sources said.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was up 0.5%, supported by a 9.9% surge in media giant MBC Group (4072.SE), opens new tab and 1.2% rise in Saudi Basic Industries Corp (2010.SE), opens new tab(SABIC). Saudi chemical manufacturer SABIC has given the go-ahead for a $6.4 billion China petrochemical plant, it said in an exchange filing on Sunday. Dubai's benchmark stock index (.DFMGI), opens new tab edged up 0.2%, aided by gains in the financial sector with Emirate's largest lender Emirates NBD (ENBD.DU), opens new tab rising 0.9% and Emaar Properties (EMAR.DU), opens new tab adding 0.7%.
Meanwhile, oil prices - a catalyst for the Gulf's financial markets - fell 0.3% on Monday with Brent trading at $78.35 a barrel by 0745 GMT. In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab retreated 0.4%, weighed down by a 0.6% slide in conglomerate International Holding Company (IHC.AD), opens new tab, (IHC.AD), opens new tab and 1.3% drop in Multiply Group
