Major Gulf bourses in black; Dubai falls

An investor monitors a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014./File Photo

Sept 28 (Reuters) - Most major stock markets in the Gulf rose in early trade on Wednesday, on course to extend gains from the previous session, shrugging off fears of a global recession.

Central banks around the world have jacked up interest rates in the last week and said they would do whatever it takes to fight red-hot inflation.

Saudi Arabia's benchmark index (.TASI) added 0.6%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) rising 1.2% and Riyad Bank (1010.SE) advancing 1.1%.

The kingdom's sovereign wealth fund, the Public Investment Fund (PIF), has hired banks including Citi and JPMorgan (JPM.N) to arrange a debut issuance of multi-tranche U.S. dollar-denominated green bonds, a document showed on Tuesday. read more

"PIF is acting as the key vehicle to achieve KSA (the Kingdom of Saudi Arabia) green aspirations," the presentation said, referring to an ambitious economic reform agenda to wean the economy off oil.

In Abu Dhabi, the index (.FTFADGI) rebounded 0.4%, on course to snap five sessions of losses, supported 1.3% gain in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD).

The benchmark index (.QSI) in Qatar, the largest natural gas producer in the Gulf Cooperation Council, climbed 1.2%, led by a 2% increase in petrochemical maker Industries Qatar (IQCD.QA).

Europe was investigating on Tuesday what Germany, Denmark and Sweden said were attacks which had caused major leaks into the Baltic Sea from two Russian gas pipelines at the centre of an energy standoff.

The Nord Stream pipelines have been flashpoints in an escalating energy war between capitals in Europe and Moscow that has damaged major Western economies, sent gas prices soaring and sparked a hunt for alternative supplies.

Dubai's main share index (.DFMGI), bucked the trend to trade 0.6% lower, driven down by a 2.3% fall in top lender Emirates NBD (ENBD.DU).

Oil prices fell more than 1%, pressured by a strengthening dollar and crude storage builds that offset support from U.S. production cuts caused by Hurricane Ian.

Reporting by Ateeq Shariff in Bengaluru; Editing by Frank Jack Daniel

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