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%, or $2.81, to $27.55 by 0701 GMT, after U.S. 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%, led by a 2.8% rise in oil giant Saudi Aramco.
Petrochemical stocks also made solid gains, with Saudi Basic Industries 2010.SE climbing 3.3% and Rabigh Refining and Petrochemical jumping 6.3%.
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%, with most of the constituents in positive territory. Market heavyweight Industries Qatar climbed 2.8%.
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%, supported by a 1.9% gain in blue-chip developer Emaar Properties.
The Abu Dhbai index declined 1.7%, dragged by a 2.1% drop in top lender First Abu Dhabi Bank and a 2% fall in telecom company Etisalat.
Dubai enforced the UAE's first full lockdown on a district housing the emirate's famous gold and spice markets on Tuesday, to disinfect the normally bustling tourist and trade area as part of efforts to stem the spread of the coronavirus.
(Reporting by Ateeq Shariff in Bengaluru; Editing by Subhranshu Sahu) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))
