Most Gulf markets gain, Saudi snaps five-day losing streak
Most stock markets in the Gulf region traded higher in early trade on Wednesday, with the Saudi index gaining after five straight sessions of losses.
Oil prices, a key catalyst for the Gulf’s financial markets, rose over $1, bouncing back after earlier declines, as Russia’s invasion of Ukraine continues to stoke volatile trading with ceasefire talks the latest market trigger.
Brent futures were up 97 cents, or 1%, at $100.88 a barrel at 0503 GMT.
Ukrainian President Volodymyr Zelenskiy said in a video address released earlier in the day that the positions of Ukraine and Russia at peace talks were sounding more realistic, but more time was needed. read more
Saudi Arabia’s benchmark index <>TASI> advanced 0.6%, with Etihad Etisalat (Mobily) (7020.SE) jumping nearly 10%.
Shares of e& were up more than 1%.
The Abu Dhabi index (.ADI) added 0.3%.
Reporting by Karina Dsouza in Bengaluru; Editing by Rashmi Aich
This article was originally published by Reuters.