Major bourses in the Gulf rose in early trade on Monday, with the Saudi index leading gains on concerns of a fuel supply deficit stemming from peak summer fuel consumption and OPEC+ cuts in the third quarter. Oil prices - a key contributor to Gulf economies - extended gains to a fourth consecutive session with Brent crude trading 0.69% higher at $85.59 a barrel by 0750 GMT.
Saudi Arabia's benchmark stock index (.TASI), opens new tab rose 0.7%, boosted by heavy gains in energy and material sector stocks.
Newly listed Al Taiseer Group Talco Industrial (4143.SE), opens new tab rose 2.6% and the largest Islamic lender Al Rajhi Banking & Investment Corporation (1120.SE), opens new tab gained 1%.
Saudi Arabia's state oil company Aramco (2222.SE), opens new tab rose 1.1% after the company signed contracts worth more than $25 billion for the second phase of the expansion of its Jafurah gas field and the third phase of expanding its main gas network.
The Qatari benchmark index (.QSI), opens new tab edged up 0.1%, continuing its winning streak to a 20th session, with the Gulf's largest lender Qatar National Bank (QNBK.QA), opens new tab gaining 0.1% and petrochemical maker Industries Qatar (IQCD.QA), opens new tab inching up 0.2%.
Abu Dhabi's main index (.FTFADGI), opens new tab rose 0.1%, gaining for a third session in a row, supported by a 0.4% rise in UAE's biggest listed company International Holding Company (IHC.AD), opens new tab and a 2.9% jump in IHC-owned investment firm Multiply Group (MULTIPLY.AD), opens new tab.
Dubai's main index (.DFMGI), opens new tab was trading 0.1% higher, with Emirates Central Cooling Systems Corporation (EMPOWER.DU), opens new tab surging 3.4% and toll operator Salik Company (SALIK.DU), opens new tab rising 0.9%.
