Most stock markets in the Gulf extended gains from the previous session to end higher on Wednesday as crude prices gained, but the Dubai index bucked the trend to close lower.
Oil prices, a key catalyst for the Gulf's financial markets, rose on expectations that easing COVID-19 restrictions in China will boost demand and as supply concerns grew.
In Abu Dhabi, stocks advanced 1.4%, with International Holding Co (IHC) jumping 6.9% after the conglomerate completed a 7.3-billion-dirham ($1.99 billion) investment deal for three Adani companies. IHC, which is chaired by Sheikh Tahnoun bin Zayed Al Nahyan, the United Arab Emirates' national security adviser, will provide capital to Adani Green Energy, Adani Transmission and Adani Enterprises, through preferential allotment route.
The Qatari index climbed 1.3%, extending gains from the previous session when it snapped a three-day losing streak. Qatar Islamic Bank finished 2.5% higher, while Qatar International Islamic Bank leapt 4.2%.
Saudi Arabia's benchmark index edged up 0.2%, trimming earlier gains, with the kingdom's largest lender Saudi National Bank rising 2.9%. On the other hand, Saudi Electricity slid about 8% after reporting a quarterly net profit of 1.52 billion riyals ($405.23 million), down from 1.69 billion riyals a year earlier.
Gulf stock markets lost ground last week, reflecting investors' anxiety about fast-rising inflation that can drive a sharp rise in interest rates and put global economy growth at risk.
Dubai's main share index fell 0.9%, dragged down by a 2.2% fall in blue-chip developer Emaar Properties and a 1.7% decline in Emirates Integrated Telecommunications .
Outside the Gulf, Egypt's blue-chip index added 0.3%, helped by a 1.5% rise in Commercial International Bank.
(Reporting by Ateeq Shariff in Bengaluru; Editing by Vinay Dwivedi)