Gulf markets rise on higher oil prices, Abu Dhabi falls

 On January 22, Gulf stock markets saw an upward trend, mirroring the global surge in equities driven by increasing oil prices. Despite a slight retreat in Abu Dhabi's index, the Gulf's financial markets remained buoyant. Oil prices, a pivotal factor for the region's markets, experienced a 0.2% rise, reaching $78.71 per barrel by 1230 GMT, fueled by concerns over Middle East tensions despite subdued global demand.

Saudi Arabia's benchmark index (.TASI) continued its positive momentum, closing 0.9% higher for the second consecutive session. This was propelled by a 4.5% surge in SAL Saudi Logistics Services Co (4263.SE) and an impressive 9.9% jump in MBC Group (4072.SE). MBC Group, a Saudi media company that debuted on January 8, marked a remarkable ascent of approximately 150%, closing at 79.90 riyals per share on Monday.

In Qatar, the index (.QSI) rebounded with a 0.8% gain, breaking a four-session losing streak. The positive trajectory was supported by sector-wide advances, with Qatar Islamic Bank (QISB.QA) rising 2.7% and Industries Qatar (IQCD.QA) climbing 1.3%. Meanwhile, Dubai's benchmark index (.DFMGI) experienced marginal fluctuations, trading flat as gains in industrials were offset by losses in the financial and utilities sectors.