Mideast Stocks: Most Gulf markets track Asian shares higher

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Most stock markets in the Gulf ended higher on Thursday, mirroring gains in Asian shares, as stronger-than-anticipated U.S. economic data lured investors back into the markets. Data on Wednesday showed that the U.S. services sector activity increased to an eight-month high in October as new orders grew, while private payrolls rose 42,000 last month, exceeding expectations.

Saudi Arabia's benchmark index gained 0.4%, snapping a five-day losing streak, with Al Rajhi Bank rising 0.7% and oil behemoth Saudi Aramco advancing 0.9%. Elsewhere, Al-Babtain Power and Telecommunication advanced 4.6%, after reporting a 190% rise in third-quarter profit. However, Riyadh Cement plunged 6.8%, its biggest intraday fall since April, following a steep drop in quarterly net profit.

Dubai's main share index rose 0.5%, led by a 2.6% gain in blue-chip developer Emaar and a 2.9% leap in toll operator Salik. In the previous session, most Gulf markets declined, following global shares downward, as an overnight tech-driven sell-off on Wall Street highlighted concerns over elevated valuations. In Abu Dhabi, the index edged 0.1% higher.

On the other hand, conglomerate International Holding slipped 0.4%, despite reporting a higher quarterly profit. Oil prices, a catalyst for the Gulf's financial markets, regained a little ground buoyed by easing concerns over a potential supply glut as sanctions on Russian companies begin to bite.

The Qatari index climbed 0.5%, buoyed by a 2.4% jump in telecoms firm Ooredoo. Outside the Gulf, Egypt's blue-chip index jumped 2.1%, hitting a new record high, as most of its constituents were in negative territory including Commercial International Bank , which was up 2%. Egypt and Qatar signed a partnership deal on Thursday to develop a luxury real estate and tourism project on Egypt's Mediterranean coast, part of Doha's $7.5 billion investment pledge to Cairo, Egyptian state TV reported.