Stock News: Gulf Markets Upbeat As Oil Prices Rise

Most Gulf stock markets gained on Thursday as oil prices rose on U.S. stockpile data.

Brent crude was up 0.3 per cent at $70.10 a barrel at 0840 GMT after data showed U.S. crude stocks fell more than expected last week as refineries hiked output.

Saudi Arabia’s index rose 1.1 per cent. Major gainers included blue chips Saudi Basic Industries, which jumped 3.9 per cent, and Al Rajhi Bank, up 1.7 per cent.

Shares in construction firm Abdullah Abdul Mohsin al-Khodari and Sons surged 8.6 per cent after it won a SAR1.35 billion ($359.7 million) contract from the government to build staff housing at King Khaled University.

Dubai’s bourse rose 0.2 per cent as most stocks advanced, offsetting a 6.0 per cent drop in heavyweight Emaar Properties, which extended declines since passing the record date for a special dividend.

Abu Dhabi’s index climbed 2.3 per cent in a broad rally. First Gulf Bank was the main support, surging 5.4 per cent.

Investment firm Waha Capital rose 5.2 per cent after saying on Thursday it had hedged 12 million shares it owns in AerCap Holdings and sold a further three million shares.

The company said it would use the $532 million of funding provided by the deal for new investments, to repay debt and general expenses.

Qatar’s benchmark added 0.5 per cent, Kuwait edged up 0.3 per cent and Oman’s bourse was near-flat.

Outside the Gulf, Egypt’s index added 1.2 per cent as property stocks led gains.

Heliopolis Housing jumped 5.2 per cent, Talaat Moustafa Group rose 2.2 per cent and Medinet Nasr climbed 3.1 per cent.