Oil prices continue to support Saudi, most of Gulf inches up

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Most Gulf markets rose slightly in quiet morning trade on Monday with oil prices hovering near their highest levels in nearly four years ahead of U.S. sanctions against Iran that will go into effect next month.

The Saudi Arabian index <.TASI> was up 0.2 percent after an hour of trade, boosted by petrochemical and bank stocks. Saudi Basic Industries <2010.SE> rose 0.2 percent while Alinma Bank <1150.SE> was up 1.5 percent.

Alinma Investment Co, a unit of Alinma Bank, signed an agreement with Saudi Real Estate Co <4020.SE> to establish a real estate fund that will develop three sites in Riyadh with a value of 1.5 billion riyals ($409 million). Saudi Real Estate jumped 3.3 percent.

The Dubai index <.DFMGI> inched up 0.3 percent, helped by a 1.0 percent gain in Emaar Properties <EMAR.DU> and a 1.6 percent rise by Dubai Investments <DINV.DU>.

Abu Dhabi’s index <.ADI> also rose marginally, aided by a 1.4 percent gain in First Abu Dhabi Bank <FAB.AD>. The main index was up 0.5 percent.

In Qatar, the index <.QSI> climbed 0.2 percent, boosted by bank and real estate stocks. Barwa Real Estate <BRES.QA> rose 1.1 percent and Masraf Al Raya <MARK.QA> was up 0.7 percent after saying it would disclose its third-quarter results on Oct. 15.

(Reuters)

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