Most Gulf stock markets gain on oil deal hopes

Dubai - In Dubai, the index edged up 0.2 per cent.

Most Gulf stock markets rose on Thursday, as crude oil futures surged on hopes for a deal to end the price war between Saudi Arabia and Russia, although mounting fears of a deep global recession due to the coronavirus outbreak weighed on sentiment. 
Brent crude futures jumped 11.36 per cent, or $2.81, to $27.55 by 0701 GMT, after US President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their price war and Russian President Vladimir Putin called for a solution to "challenging" oil markets. 
Saudi Arabia's benchmark stock index advanced 1.5 per cent, led by a 2.8 per cent rise in oil giant Saudi Aramco.  Petrochemical stocks also made solid gains, with Saudi Basic Industries climbing 3.3 per cent and Rabigh Refining and Petrochemical jumping 6.3 per cent.  Saudi Arabia's crude supply rose on Wednesday to a record of more than 12 million barrels per day, two industry sources said, despite a plunge in demand triggered by the virus outbreak and U.S. pressure on the kingdom to stop flooding the market.
The Qatari stock index gained 1.2 per cent, with most of the constituents in positive territory. Market heavyweight Industries Qatar climbed 2.8 per cent.  On Wednesday, the Gulf state extended the suspension of inbound flights except transit and cargo over coronavirus fears, state media reported.  The country also extended a lockdown of an industrial area in Doha where authorities reported dozens of COVID-19 cases. 
In Dubai, the index edged up 0.2 per cent, supported by a 1.9 per cent gain in blue-chip developer Emaar Properties.  The Abu Dhbai index declined 1.7 per cent, dragged by a 2.1 per cent drop in top lender First Abu Dhabi Bank and a 2 per cent fall in telecom company Etisalat.