Most Gulf STOCK MARKETS
rose in early trade on Thursday after OIL PRICES rallied late on Wednesday, while builder Arabtec supported Dubai after a media report suggesting it was close to finalising a long-delayed deal in Egypt.
Both Brent and U.S crude prices ended three-session losing streaks on Wednesday, gaining $2 or more after data from the Energy Information Administration showed that a fall in rigs drilling for oil resulted in a drop in U.S. crude output last week for the first time since late December.
Oil has pulled back slightly on Thursday as attention returns to the nuclear talks with Iran, but it is well above its levels when most Gulf markets closed on Wednesday.
Dubai's index rose 0.9 percent, as Arabtec jumped 2.6 percent after Egypt's Middle East News Agency reported that the Cairo government had approved Arabtec's proposals on a deal to build a million housing units in Egypt. It remained unclear, however, if the deal had actually been finalised, and there was no immediate comment from Arabtec.
Qatar's bourse climbed 0.9 percent and Industries Qatar, the Gulf's second-biggest petrochemicals producer, was the main support, gaining 2.0 percent. Higher oil prices are positive for the petrochemical sector.
Meanwhile Abu Dhabi's market slipped 0.4 percent, largely because of heavyweight telecommunications firm Etisalat , whose shares no longer carry the 2014 dividend.
Another ex-dividend stock, Waha Capital tumbled 9.0 percent and Abu Dhabi National Energy Co (TAQA) fell its daily 10 percent limit in thin trade, extending its slide since posting a 2014 loss.
Oman's market inched up 0.1 percent while Kuwait slipped 0.3 percent.
