Major Gulf Stock Exchanges Surge on Strong Oil Prices; Egypt extends the slide

March 18 (Reuters) – Major Gulf stock markets rose on Monday, led by the Abu Dhabi benchmark on higher oil prices, while shares in Egypt continued to fall for a second straight day.

Oil prices – a catalyst for Gulf financial markets – rose as attacks on Russian energy assets intensified, with Brent rising 0.8% to $86.02 a barrel by 1330 GMT.

In Abu Dhabi, the benchmark index (.FTFADGI) rose 0.7%, ending its previous losing streak.

The index experienced a technical glitch earlier in the day that led to inflated gains before the issue was resolved toward the end of the trading session.

First Abu Dhabi Bank (FAB.AD), opens new tab, the UAE's largest lender, rose 1.1%, while Abu Dhabi National Oil (ADNOC) units of ADNOC Drilling (ADNOCDRILL.AD), opens new tab and ADNOC Logistics (ADNOCLS.AD) operates. opens new tab rose by 1.8% and 1.3% respectively.

State energy giant ADNOC signed a 15-year contract to supply 1 MMT per year of LNG to a unit of German state energy group Securing Energy for Europe.

Dubai's benchmark index (.DFMGI) rose 0.3%, with blue-chip developer Emaar Properties (EMAR.DU) up 2.2% and Dubai Electricity (DEWAA.DU) up 1, increased 2%.

Saudi Arabia's benchmark index (.TASI) opens new tab up 0.1%, extending its rally to a fifth straight session with Saudi National Bank (1180.SE) opens new tab, the kingdom's largest lender , up 1.9% and Saudi Awwal Bank (1060.SE) opens new tab up 2.5%.

The Qatar benchmark index (.QSI) posted a slight increase, supported by a 2.9% gain in Qatar Gas Transport (QGTS.QA), opens new tab and a 1.3% gain in Industries Qatar (IQCD.QA) , opens new tab, while Doha Bank (DOBK.QA) opens new tab and Masraf Al Rayan (MARK.QA) opens new tab, fell 4.7% and 1.9%, respectively.

Outside the Gulf, Egypt's blue-chip index (.EGX30) extended losses for a second straight day, ending 6.3% lower, its biggest decline since Jan. 31, with almost all stocks in the red .

E-Finance (EFIH.CA), opens new tab, fell 14.3% and El Sewedy Electric (SWDY.CA), opens new tab, fell 13.6%.

SAUDI ARABIA
(.TASI) rose 0.1% to 12,772
KUWAIT
(.BKP) fell 0.4% to 8,118
QATAR
(.QSI) ended flat at 10,260
EGYPT
(.EGX30) fell 6.3% to 29,091
BAHRAIN
(.BAX) rose 0.2% to 2,035
OMAN
(.MSX30) fell 0.1% to 4,770
ABU DHABI
(.FTFADGI) rose 0.7% to 9,289
DUBAI
(.DFMGI) rose 0.3% to 4,275

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Reporting by Md Manzer Hussain; Editing by Shailesh Kuber

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