Most Gulf bourses track oil prices, Asian shares higher

Most stock markets in the Gulf rose in early trade on Tuesday, tracking gains in oil prices and Asian shares as some investors grew less fearful about economic damage from the Omicron variant of COVID-19.

Saudi Arabia’s benchmark index (.TASI) gained 0.6%, with Al Rajhi Bank rising 1% and oil behemoth Saudi Aramco adding 0.6%.

Oil prices, a key catalyst for the Gulf’s financial markets, extended gains with prices trading near the previous day’s one-month high on hopes that the Omicron variant will have a limited impact on fuel demand.

Dubai’s main share index rose 0.3%, supported by a 0.8% rise in blue-chip developer Emaar Properties.

The Qatari index edged 0.2% higher, on course to end two sessions of losses, with Qatar Fuel gaining 0.9%.

In Abu Dhabi, the index fell 0.4%, hit by a 0.8% fall in the country’s largest lender First Abu Dhabi Bank .