DUBAI: Most Gulf equity markets rose on Monday as oil prices jumped on reports of a slowdown in U.S. drilling activity.
Oil rose by more than 2 percent on Monday after data showed U.S. drilling slowed and a report said $1.5 trillion worth ofplanned production was uneconomic at current prices.Saudi Arabia’s stock index rose 1.0 percent and most sectors were positive. Petrochemicals heavyweight Saudi Basic Industries added 1.0 percent. However, United Cooperative Assurance fell sharplyfor a second session in a row, losing 3.8 percent.
The company said on Sunday it had received a claim from Saudi Binladin Group over the collapse of a crane this month at the Grand Mosque inMecca that killed more than 100 people Dubai’s index climbed 1.0 percent to a three-week closing high of 3,661 points in a broad rally.
Heavyweight developer Emaar Properties jumped 3.5 percent and also closed at its highest level this month, 6.58 dirhams.
Abu Dhabi’s benchmark was nearly flat with stocks equally split between gainers and losers. Abu Dhabi National Energy Co, which had earlier tumbled alongside oil, surged 5.9 percent.Qatar’s bourse climbed 1.0 percent and companies sensitive to oil prices were positive, such as petrochemicals producer Industries Qatar, up 0.6 percent, and drilling rig provider Gulf International Services, which jumped 3.2 percent.
Egypt’s market edged up 0.7 percent with most stocks positive, although Telecom Egypt fell 0.6 percent, extending losses since Chairman Mohamed Salem resigned on Saturday, having served for just four months.