Most Gulf shares rise on strong oil; Mideast conflict in focus

Most stock markets in the Gulf rose on Thursday, tracking higher oil prices, while traders kept an eye on the conflict between Palestinian militants and Israel.

Oil prices - a key catalyst for the Gulf's financial market - climbed 1.44% on speculation that U.S. interest rates may have peaked, with Brent trading at $87.09 a barrel at 1230 GMT.

The Qatari index was up for a third straight session, advancing 1% as most of its stocks rose. Qatar Islamic Bank


surged 1.7% and Industries Qatar climbed 1.1%.

Qatar National Bank (QNB), the biggest Gulf bank by assets, gained 0.7%.

Saudi Arabia's benchmark index edged up 0.1%, supported by gains in most sectors, with oil major Saudi Aramco adding 0.5% and Company for Cooperative Insurance surging 3.7%.

Dubai's benchmark index ended 0.6% lower, dragged down by losses in all sectors with Emaar Properties dropping 1.4% and Tecom Group sliding 1.8%.

In Abu Dhabi, the benchmark index was down 0.6, with Multiply Group falling 1.8% and conglomerate Alpha Dhabi declining 1.5%.

Outside the Gulf, Egypt's blue-chip index rose 1.7%, lifted by a 7.8% climb in El Sewedy Electric Co and a 16% surge in Alexandria Container and Cargo Handling Company.

Meanwhile, investors continued to monitor developments in the conflict in the Middle East, with Israel's military saying there would be no humanitarian exceptions to its siege of the Gaza Strip until all its hostages were freed