Most Gulf stock markets opened firmer on Wednesday as investors brushed aside global oil demand concerns and waited for minutes from the U.S. Federal Reserve's most recent meeting to gauge the path forward for interest rates.
Prices of oil, a key driver for the Gulf financial markets, fell on concerns about weak fuel demand due to the state of the global economy and rising COVID cases in China.
Saudi Arabia's benchmark stock index (.TASI) rose 0.1%, extending gains to a fourth session. Saudi National Bank (1180.SE), the country's largest lender, gained 0.8% and Saudi Arabian Mining Co (1211.SE) climbed 1.3%.
After oil, gas and petrochemicals, mining is a key part of the economic diversification and part of Saudi Vision 2030, and Saudi Arabia is estimated to have about $1.3 trillion in mineral reserves. Saudi will also host the 2023 edition of the Future Minerals Forum from Jan. 10 to 12 in Riyadh.
Abu Dhabi's main share index (.FTFADGI) advanced 0.2% and was on course for a third straight session of gains, led by a 1% rise in Abu Dhabi Ports Group (ADPORTS.AD) and a 1.1% increase in developer Aldar Properties (ALDAR.AD).
Dubai's main share index (.DFMGI) advanced 0.2%, supported by a 2.3% gain in low-cost airline Air Arabia (AIRA.DU).
The benchmark stock index (.QSI) in Qatar, among the world's top exporters of liquefied natural gas, dropped 0.3%, pressured by banking stocks. Qatar Islamic Bank (QISB.QA) fell 0.9%, while Commercial Bank (COMB.QA) was down 1.6%.
