Most stock markets in the Gulf region rose in early trade on Wednesday as expectations of strong global demand for crudes pushed up oil prices.
OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025, and further raised its economic growth forecast for this year, saying there was more room for improvement. Oil price - a catalyst for the Gulf's financial markets - rose 0.4% to $82.21 a barrel by 0740 GMT.
The Qatari benchmark index (.QSI), opens new tab was up 0.4%, supported by gains in almost all sectors with Qatar Gas Transport (QGTS.QA), opens new tab rising 1.5% and Qatar Navigation (QNNC.QA), opens new tab gaining 1.1%. Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.2%, lifted by gains in utilities, industry, consumer staples, healthcare and finance. Acwa Power (2082.SE), opens new tab and Company for Cooperative Insurance (8010.SE), opens new tab gained 3.2% and 2.0%, respectively, while Saudi National Bank(1180.SE), opens new tab, the kingdom's largest lender, added 0.3%.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab rose 0.1%, helped by a 0.5% increase in Aldar Properties (ALDAR.AD), opens new tab and 1.3% gain in Abu Dhabi National Energy(TAQA.AD), opens new tab.
Dubai's benchmark stock index (.DFMGI), opens new tab eased 0.1%, with Tecom Group (TECOM.DU), opens new tab sliding 2.5% and Commercial Bank of Dubai (CBD.DU), opens new tab slipping 3.2%, although Emirate's largest lender Emirates NBD (ENBD.DU), opens new tab added 0.6%.
