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Feb 9 (Reuters) – Major Gulf bourses rose on Wednesday, tracking a rally in global peers amid higher oil prices, with the Qatari index rising more than 1% as investors found comfort in a strong earnings season.
Asian shares and European stock futures advanced after a strong session on Wall Street, while U.S. treasury yields held near multi-year highs ahead of a closely watched inflation data this week.
Oil prices climbed as industry data showed an unexpected drop in U.S. crude and fuel stocks, offsetting concerns of a possible rise in supplies from Iran.
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The Qatari index (.QSI) rose as much as 1.3%.
Shares of Industries Qatar QPSC (IQCD.QA) jumped as much as 8.7% after the petrochemical firm reported a sharp rise in annual profit on Tuesday.
Saudi Arabia’s benchmark index (.TASI) was trading 0.1% higher, as shares of financials and communication services companies gained.
Dubai’s main share index (.DFMGI) edged 0.1% higher, driven by gains in heavyweight Emaar Properties (EMAR.DU) and Dubai Islamic Bank (DIB) (DISB.DU).
DIB, the United Arab Emirates’ largest Islamic lender, sold $750 million in five-year senior unsecured sukuk on Tuesday after the debt sale drew more than $1.6 billion in orders, a bank document showed. read more
Among other gainers, logistics firm Aramex (ARMX.DU) advanced 1% ahead of its earnings announcement later in the day.
In Abu Dhabi, the index (.FTFADGI) was flat.
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Reporting by Tanvi Mehta and Ateeq Shariff in Bengaluru; Editing by Sherry Jacob-Phillips
Our Standards: The Thomson Reuters Trust Principles.
Register now for FREE unlimited access to Reuters.comFeb 9 (Reuters) – Major Gulf bourses rose on Wednesday, tracking a rally in global peers amid higher oil prices, with the Qatari index rising more than 1% as investors found comfort in a strong earnings season.Asian shares and European stock futures advanced after a strong session on Wall Street, while U.S. treasury yields held near multi-year highs ahead of a closely watched inflation data this week.Oil prices climbed as industry data showed an unexpected drop in U.S. crude and fuel stocks, offsetting concerns of a possible rise in supplies from Iran.Register now for FREE unlimited access to Reuters.comThe Qatari index (.QSI) rose as much as 1.3%.Shares of Industries Qatar QPSC (IQCD.QA) jumped as much as 8.7% after the petrochemical firm reported a sharp rise in annual profit on Tuesday. Saudi Arabia’s benchmark index (.TASI) was trading 0.1% higher, as shares of financials and communication services companies gained.Dubai’s main share index (.DFMGI) edged 0.1% higher, driven by gains in heavyweight Emaar Properties (EMAR.DU) and Dubai Islamic Bank (DIB) (DISB.DU).DIB, the United Arab Emirates’ largest Islamic lender, sold $750 million in five-year senior unsecured sukuk on Tuesday after the debt sale drew more than $1.6 billion in orders, a bank document showed. read more Among other gainers, logistics firm Aramex (ARMX.DU) advanced 1% ahead of its earnings announcement later in the day.In Abu Dhabi, the index (.FTFADGI) was flat.Register now for FREE unlimited access to Reuters.comReporting by Tanvi Mehta and Ateeq Shariff in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.