Most major stock markets in the Gulf crept higher early on Tuesday, as the prospect of increased supplies pressured oil prices and concern over U.S. President Donald Trump's trade policies slowed an Asian stock market rally.

Oil prices - a catalyst for the Gulf's financial markets - fell 0.2% to $64.85 per barrel by 0510 GMT.

Trump arrived in Saudi Arabia on Tuesday to start a four-day tour of the Gulf region, focused on economic deals rather than the region's security crises.

Saudi Arabia's benchmark stock index gained 0.2% in early trade, supported by a nearly 4% rise in Jazan Development after it reported a quarterly profit and a 141.3% rise in sales for the three months ended March 31.

Dubai's main share index also firmed by 0.2%, led by a more than 1% lift in blue-chip developer Emaar Properties and a 1.3% gain in lender Dubai Islamic Bank .

In Abu Dhabi, the benchmark index gained 0.4% and Qatar's benchmark stock index edged up 0.1%. Qatar Electricity Water, Qatar's largest electric company by market cap, extended gains to a third straight day and was up 1.3%.

(Reporting by Chandini Monnappa in Bengaluru; editing by Barbara Lewis)


Reuters