Most Gulf bourses rise on firm oil, Saudi slips
By Mohd Edrees
July 1 (Reuters) -Most Gulf bourses closed higher on Monday amid rising oil prices, while pressure in utility and financial stocks dragged the Saudi index down.
Oil prices - a key catalyst for Gulf's financial market - extended gains to the fourth consecutive session on concerns of a fuel supply deficit stemming from peak summer fuel consumption and OPEC+ cuts in the third quarter, with Brent crude LCOC1 rising 0.61% to $85.52 a barrel by 1154 GMT.O/R
The Qatari benchmark index .QSI edged 0.4% higher, continuing its winning streak to a 20th session, with the Gulf's largest lender Qatar National Bank QNBK.QA gaining 0.5% and Islamic lender Qatar Islamic Bank QISB.QA rising 1.5%.
Dubai's main index .DFMGI rose for the fourth straight session and ended 0.7% higher, helped by a 6.2% climb in Emirates Central Cooling Systems Corp EMPOWER.DU and a 2.1% rise in toll operator Salik Company SALIK.DU.
However, Saudi Arabia's benchmark stock index .TASI slipped 0.2% with utility firm Acwa power 2082.SE falling 1.3% and Middle East Pharmaceutical Industries 4016.SE shedding 2%.
The losses in the index were capped by an 8.9% surge in Newly listed Al Taiseer Group TALCO Industrial 4143.SE and a 0.4% rise in oil giant Saudi Aramco 2222.SE.
On Sunday, Aramco signed contracts worth more than $25 billion for the second phase of the expansion of its Jafurah gas field and the third phase of expanding its main gas network.
Abu Dhabi's benchmark index .FTFADGI edged down 0.01% in volatile trading, pressured by a 0.3% loss in the largest listed firm, International Holding Company IHC.AD, and a 7% decline in Abu Dhabi National Energy Company TAQA.AD.
Outside the Gulf, Egypt's blue-chip index .EGX30 gained 0.7%, with Commercial International Bank Egypt adding 0.8% and GB Auto GBCO.CA moving 9.9% high.
SAUDI ARABIA | .TASI down 0.2% to 11,659 |
ABU DHABI | .FTFADGI edged 0.01% to 9,060 |
DUBAI | .DFMGI leapt 0.7% to 4,057 |
QATAR | .QSI added 0.4% to 10,007 |
EGYPT | .EGX30 gained 0.7% to 27,970 |
BAHRAIN | .BAX lost 0.4% to 2,017 |
OMAN | .MSX30 gained 0.2% at 4,696 |
KUWAIT | .BKP fell 0.0.1% to 7,540 |
Reporting by Mohd Edrees in Bengaluru; Editing by Maju Samuel
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