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Gulf shares up in early trade on stronger oil prices

Stock exchange in the Gulf were up in early trading on Tuesday, as oil prices rose on favorable market outlooks for the short term and stronger U.S. economic information.

Oil costs, a catalyst for the Gulf's monetary markets, reversed the prior session's losses and gained 0.6% Brent trading at $73.06 a barrel by 0800 GMT.

Saudi Arabia's benchmark stock index rose 0.1%,. assisted by gains in the financing, energies and communications. sectors. ACWA Power gained 2%.

First Milling Co added 1.9% after its board had. authorized building and construction of brand-new flour milling system at an estimated. expense of 123 million riyals.

The Abu Dhabi benchmark index was up 0.1%. First. Abu Dhabi Bank, the UAE's biggest lending institution, increased 0.7% to. 13.56 dirham per share.

FAB is checking essential resistance level at 13.50 dirhams with. noticeable bullish momentum. Breaking this level would activate a. purchase signal with targets around 14 and 14.50 dirhams, noted. Maged Essam, market strategist at BHM Capital.

Palms Sports climbed up 1.2% after the sports. management firm said on Monday it has actually a renewed 206 million-. dirham agreement with UAE's ministry of education.

The Qatari criteria index gained 0.1%, with a lot of. sectors in positive area. Qatar National Bank,. the region's largest loan provider, included 0.5% while Gulf International. Services increased by 0.9%.

Meanwhile, Qatar's energy minister told the Financial Times. Sunday the nation would stop shipping gas to the European Union. if member states strictly enforce a new law cracking down on. required labour and environmental damage.

Dubai's benchmark stock index was up 0.1%, pushed. up by real estate and customer staples sectors. Tecom Group. gained 1.3% and Parkin Business included. 0.9%.

(source: Reuters)