Most Gulf bourses rebound on rising oil prices

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A trader looks at the screens at Bahrain Bourse in Manama, Bahrain, February 7, 2018. REUTERS/Hamad I Mohammed

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Jan 27 (Reuters) - Most major stock markets in the Gulf rebounded on Thursday, as oil prices touched seven-year highs on fears of disruption to energy supplies due to escalating tensions between Russia and Ukraine.

Brent crude furtures were up 89 cents, or 1%, at $90.85 a barrel by 1217 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 87 cents, or 1%, at $88.22.

Crude prices are a key catalyst for the Gulf's financial markets.

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Dubai's main share index (.DFMGI) gained 0.5%, helped by a 1.5% jump in Emirates NBD Bank (ENBD.DU), after the top regional lender reported a 34% rise in annual profit on Wednesday. read more

Shares in Dubai, however, might experience more corrections like they did earlier this month in the absence of a clear catalyst and global risk appetite souring on a hawkish U.S. Federal Reserve, said Farah Mourad, a senior market analyst at XTB MENA.

Abu Dhabi's index (.FTFADGI) edged up 0.2%, after falling as much as 1.6% during the session. Heavyweight First Abu Dhabi Bank (FAB.AD) pulled back from a 4% fall to close flat.

The bank proposed a lower dividend this year, but its full-year net profit rose about 19% to 12.53 billion dirhams ($3.41 billion).

"Its proposed dividend of 0.70 dirhams per share was lower than the 0.74 dirhams paid out in 2020," an analyst said.

The Qatar index (.QSI) ended 0.2% higher. Qatar Islamic Bank (QISB.QA) added 1%, while Industries Qatar (IQCD.QA) rose 0.7%.

Saudi Arabia's benchmark index (.TASI) ended flat in a volatile session. Al Rajhi Bank (1120.SE) fell 0.7%, while Saudi National Bank (1180.SE) gained 1.4%.

($1 = 3.6726 UAE dirham)

($1 = 3.7517 riyals)

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Reporting by Shamsuddin Mohd in Bengaluru; Editing by Ramakrishnan M.

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