Major Gulf markets mixed in early trade; Saudi extends gains

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

Oct 3 (Reuters) - Major stock markets in the Gulf were mixed in early trade on Monday, ahead of OPEC+'s monthly meet this week, with the Saudi index on course to extend gains for a fourth session.

The benchmark index (.TASI) in Saudi Arabia advanced 1.1%, buoyed by a 1.5% rise in Al Rajhi Bank (1120.SE) and a 1% increase in oil behemoth Saudi Aramco (2222.SE).

Crude prices, a key catalyst for the Gulf's financial markets, jumped more than 3% in early Asian trade on Monday, as OPEC+ considers cutting output by more than 1 million barrels a day, for its biggest reduction since the pandemic, in a bid to support the market.

A significant production cut is poised to anger the United States, which has been putting pressure on Saudi Arabia to continue pumping more to help oil prices soften further and reduce revenues for Russia as the West seeks to punish Moscow for sending troops to Ukraine.

The Qatari index (.QSI) rebounded 1.3%, with petrochemical maker Industries Qatar (IQCD.QA) rising 2.3%, while Qatar Islamic Bank (QISB.QA) was up 2%.

Dubai's main share index (.DFMGI) fell 0.3%, hit by a 10% slide in Mashreq Bank (MASB.DU).

In the previous session, Mashreq Bank surged 15%, following media reports that the lender has received bids from several companies to purchase stake in its payment unit.

The Abu Dhabi index (.FTFADGI) eased 0.4%, weighed down by a 0.7% fall in telecoms firm e& (ETISALAT.AD), formerly known as Emirates Telecommunications.

Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V

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