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Major Gulf bourses track oil prices higher

Major bourses in the Gulf rose in early trade on Monday, with the Saudi index leading gains on concerns of a fuel supply deficit stemming from peak summer fuel consumption and OPEC+ cuts in the third quarter.

Oil prices – a key contributor to Gulf economies – extended gains to a fourth consecutive session with Brent crude trading 0.69 per cent higher at $85.59 a barrel by 0750 GMT.

Saudi Arabia’s benchmark stock index rose 0.7 per cent, boosted by heavy gains in energy and material sector stocks.

Newly listed Al Taiseer Group Talco Industrial rose 2.6 per cent and the largest Islamic lender Al Rajhi Banking & Investment Corporation gained 1 per cent.

Saudi Arabia’s state oil company Aramco rose 1.1 per cent after the company 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.

The Qatari benchmark index edged up 0.1 per cent, continuing its winning streak to a 20th session, with the Gulf’s largest lender Qatar National Bank gaining 0.1 per cent and petrochemical maker Industries Qatar inching up 0.2 per cent.

Abu Dhabi’s main index rose 0.1 per cent, gaining for a third session in a row, supported by a 0.4 per cent rise in UAE’s biggest listed company International Holding Company and a 2.9 per cent jump in IHC-owned investment firm Multiply Group .

Dubai’s main index was trading 0.1 per cent higher, with Emirates Central Cooling Systems Corporation surging 3.4 per cent and toll operator Salik Company rising 0.9 per cent.

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