Gulf stocks edge up; Arabtec rebound lifts Dubai

Gulf stock markets advanced on Thursday as reports of OPEC’s compliance with output cut deal held oil steady, regardless of higher US crude inventories.

Brent crude and WTI crude were last up 0.2 percent at $55.85/bbl and $53.22/bbl, respectively.

In the United Arab Emirates, Dubai’s main index edged up 0.2 percent to 3,651 points, helped by a rebound in construction firms.

Arabtec Holding gained 2 percent to AED 1.04, while Drake & Scull International rose 0.2 percent to AED 0.5. The two firms had come under pressure after reporting losses for 2016.

Emaar Properties rose 0.3 percent to AED 7.64. The developer said it plans to open The Address Downtown hotel by the end of this year.

Abu Dhabi’s general index jumped 1 percent to 4,643 points, with telecom giant Etisalat soaring 3.1 percent to AED 18.45.

First Gulf Bank added another 0.74 percent to AED 13.7 and National Bank of Abu Dhabi rose 1.5 percent to AED 10.5.

Energy firm TAQA slipped 2 percent to AED 0.49, while Dana Gas rose 2.1 percent to AED 0.49.

Elsewhere in the region, Qatar’s QE index rose 0.8 percent to 10,819 points. Real estate firm Barwa rose 2 percent to QAR 40.3.

Kuwait’s price index climbed 0.1 percent to 6,815 points; Bahrain rose 0.2 percent and Oman gained 0.2 percent.

Saudi Arabia’s Tadawul All Share Index (TASI) was last up 0.8 percent.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com