Most of the Gulf markets closed higher, on Wednesday, with the rise in crude oil prices, which have a strong impact on the economies of the region, but Dubai and Muscat bucked the trend downward.
And by 12:40 (GMT), Brent crude contracts for July delivery were trading at 113.66 dollars a barrel, an increase of 1.73 dollars, or 1.55 percent.
And US West Texas Intermediate crude contracts for July delivery increased by $2.09, or 1.91 percent, to $110.72 a barrel.
The Saudi market index closed at 12713.4 points, up 0.2 percent, trimming strong gains recorded during trading, supported by the rise in banking shares led by “Saudi British”, which increased by 5.88 percent.
In the UAE, the Abu Dhabi market index rose 1.59% to 9,874.7 points, and the most prominent gainers were Abu Dhabi Islamic Bank and “Ooredoo” Telecom, up by 6.75 percent and 2.94 percent, respectively.
On the other hand, the Dubai Stock Exchange index fell by 0.94 percent to 3437.3 points, and the shares of Commercial Bank of Dubai and “Integrated Communications” decreased by 3.03 percent and 2.69%, respectively.
The Qatar Stock Exchange index rose 1.26 percent to 13,020.3 points, supported by gains in banking shares led by the International Bank of Qatar, up by 4.15 percent.
The first index in the Kuwait market jumped by 2.12 percent to 8822.7 points, supported especially by gains in real estate shares led by “Al-Mabani”, up 7.87 percent, and “STC” Communications increased by 5.65 percent.
The Muscat Stock Exchange index fell 0.17 percent to 4,156.3 percent, driven by losses in investment and financing shares led by “Al Batinah Finance”, down by 6 percent.
The Bahrain index increased by 0.33 percent to 1963.1 points, supported by the shares of Ahli United Bank and “Aluminum Bahrain”, which rose by 0.97 percent and 0.78 percent, respectively.