Most major Gulf bourses track oil prices higher

Jan 19 (Reuters) – Most major Gulf stock markets rose in early trade on Wednesday, amid strong oil prices, with the Saudi index holding steady at its highest since July 2006.

Crude prices, a key factor for the Gulf’s financial markets, rose for a fourth day as an outage on a pipeline from Iraq to Turkey increased concerns about an already tight supply outlook amid worrisome geopolitical troubles in Russia and the United Arab Emirates.

Saudi Arabia’s benchmark index (.TASI) added 0.1%, at its highest in over 15 years, with its largest lender Saudi National Bank (1180.SE) rising 0.4%.

Saudi Basic Industries Corporation (SABIC) (2010.SE) gained 0.4% after its plans to build a petrochemicals plant in the city of Jubail on the gulf coast in the Eastern Province. read more

Separately, South Korea’s LG Corp (003550.KS) is planning to establish its regional headquarters in Saudi Arabia’s capital Riyadh, Asharq television reported on Tuesday. read more

In Abu Dhabi, the index (.ADI) rose 0.3%, led by a 0.9% gain in First Abu Dhabi Bank (FAB.AD).

Dubai’s main share index (.DFMGI) dropped 0.8%, hit by a 1.7% fall in blue-chip developer Emaar Properties (EMAR.DU) and a 0.6% decline in sharia-compliant lender Dubai Islamic Bank (DISB.DU).

The UAE late on Tuesday called for a meeting of the United Nations Security Council to condemn an attack on Abu Dhabi on Monday by Yemen’s Houthi movement, which has threatened further attacks. read more

By attacking the United Arab Emirates the Houthis sought to warn the Gulf state to stay out of a battle for prized energy regions in Yemen, where the Iran-aligned group has been angered by losses to forces backed by the powerful U.S. ally. read more

The Qatari index (.QSI) edged up 0.1%, with petrochemical maker Industries Qatar (IQCD.QA) rising 0.5%.Reporting by Ateeq Shariff in Bengaluru; editing by David Evans

This article was originally published by Reuters.