Most major Gulf bourses rise in early trade

Jan 5 (Reuters) – Most major stock markets in the Gulf rose in early trade on Wednesday, shrugging off concerns that the Omicron coronavirus variant could choke the global economic recovery.

Saudi Arabia’s benchmark index (.TASI) edged up 0.2%, helped by a 1.1% rise in Riyad Bank (1010.SE) and a 0.3% increase in oil behemoth Saudi Aramco (2222.SE).

Oil prices, a key catalyst for the Gulf’s financial markets, steadied as investors assessed the impact of a massive spike in COVID-19 cases caused by the Omicron variant, though the upside remained limited after U.S. fuel inventories climbed.

OPEC+’s decision this week to stick to its planned increase in oil output for February reflects easing concern of a big surplus in the first quarter, as well as a wish to provide consistent guidance to the market, Reuters reported citing sources and analysts. read more

The kingdom on Tuesday registered 2,585 new infections, up from some 1,000 cases announced on Sunday. It is still below a peak of more than 4,700 in June 2020. read more

Dubai’s main share index (.DFMGI) added 0.1%, with blue-chip developer Emaar Properties (EMAR.DU) advancing 1%.

In Abu Dhabi, the index (.ADI) fell 0.2%, hit by a 1.1% fall in telecoms giant Etisalat (ETISALAT.AD).

The United Arab Emirates, regional tourism and commercial hub, recorded 2,581 new coronavirus casses on Tuesday, as it hosts a world fair during its peak tourist season.

The Qatari benchmark (.QSI) gained 0.6%, led by a 1.3% rise in Qatar Islamic Bank (QISB.QA).

Qatar reported 1,695 new coronavirus cases on Tuesday, the highest daily number since last summer.Reporting by Ateeq Shariff in Bengaluru

This article was originally published by Reuters.