Most gulf stock markets closed higher Tuesday in line with oil prices, and the Abu Dhabi Index outperformed the rest of the region ahead of Bruges's largest-ever IPO.
The Abu Dhabi index climbed 1.6%, to 10,055 points, close to its peak in April, supported by a 3.6% jump in ADCB's shares. Abu Dhabi-based Bruges Petrochemical Company, owned by Abu Dhabi National Petroleum Company (ADNOC) and Austria's Borealis, raised more than $2 billion on Tuesday, after demand in its initial public offering exceeded $83.4 billion.
Stock trading is scheduled to begin on the Abu Dhabi Stock Exchange on Friday.
Farah Murad, senior market analyst for XTB's Middle East and North Africa division, said Bruges' high oil prices and bruges' fund-raising success supported the Abu Dhabi Stock Exchange.
"The listing has attracted the attention of many investors and could help push the market upwards in the coming days," she said.
The Saudi Stock Exchange index climbed 0.1%, to 12,922 points, supported by a 3.6% jump in SBB shares and a 1.1% increase in the shares of oil giant Aramco
Oil prices, a major catalyst for Gulf financial markets, continued to gain after the European Union agreed to cut oil imports from Russia, reinforcing fears of supply scarcity in a market already suffering from low supplies amid increased demand ahead of the summer travel season in the United States and Europe.
The dubai stock index closed up 0.1%, to 3,347 points, supported by a 2.5% rise in Emaar Real Estate's leading shares.
Qatar's index rose 0.2%, to 12,893 points, and Qatar National Bank, the largest Gulf bank, closed up 2.7%.
Outside the Gulf region, Egypt's leading stock index rose 0.4%, to 12,919 points, led by CIB-Egypt shares, which rose 0.9%.
Data from the central bank on Tuesday showed that the money supply (N2) jumped 23.7%, year-on-year in April.
The ASE index fell 0.5%, to 4,138 points, and the Kuwait Stock Exchange index climbed 0.6%, to 8,676 points.