Rising oil prices boost Saudi and Qatari stock indices

An investor looks at the screen of the Dubai International Financial Market in Dubai, United Arab Emirates February 7, 2018. REUTERS/Satish Kumar

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April 7 (Reuters) – Major Gulf stock markets were mixed on Thursday, with sentiment in Saudi Arabia and Qatar helped by higher oil prices.

Asian stocks fell as markets spooked by more aggressive noise from US policymakers about the need for tighter monetary policy, which also kept the dollar near a two-year high. MKYTS/GLOB

Oil prices, on the other hand, rose after consuming countries announced a huge release of oil from emergency reserves, as concerns over limited supply further clouded the market outlook.

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Saudi Arabia’s benchmark index (.TASI) edged up 0.2%, heading for its fourth straight session of gains.

Shares of Yamama Cement Company (3020.SE) fell 3% after the company began ex-dividend trading.

The Qatari index (.QSI) rose 0.5%, after ending the previous session up 1.5%.

Financials and industrials inflated the index.

In Dubai, the main stock market index (.DFMGI) edged up 0.1% as investors took a breather after last week’s rally .

Dubai Electricity and Water is set to raise 22.32 billion dirhams ($6.1 billion) in the Gulf’s biggest IPO since Saudi Aramco’s record deal in 2019.

Emirates Refreshments (ERC.DU) continued its gains for a second session, jumping nearly 15%, a day after seeking shareholder approval to increase issued share capital to 330 million dirhams.

The Abu Dhabi index (.FTFADGI) was stable.

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Reporting by Tanvi Mehta in Bangalore; Editing by Bradley Perrett

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Steve R. Hansen