Most Gulf markets rise on strong oil prices

A general view shows the Dubai Financial Market after Joe Biden wins U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike/File Photo Acquire Licensing Rights

Nov 30 (Reuters) - Most stock markets in the Gulf ended higher on Thursday amid rising oil prices as investors awaited the result of OPEC+ meeting where oil producers are likely to agree output cuts for early next year.

Oil prices - a key catalyst for the Gulf's financial markets- climbed 1% on Thursday with Brent trading at $83.95 a barrel by 1230 GMT.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is likely to agree to additional output cuts of more than 1 million barrels per day, meeting delegates told Reuters.

The OPEC+ meeting is scheduled to begin at 1400 GMT, after an OPEC-only ministers meeting at 1100 GMT.

Saudi Arabia's benchmark index (.TASI) was up for the third consecutive session, ending 0.7% higher with most sectors in the green. The index jumped 4.6% in November, its biggest monthly gain since April.

Elm Company (7203.SE) rose 1.4% and the kingdom's largest lender Saudi National Bank (1180.SE) climbed 2%.

The Qatari index (.QSI) snapped its six session losing streak and closed 0.5% higher, helped by a 2.2% rise in Qatar Islamic Bank (QISB.QA) and 5.7% surge in Mesaieed Petrochemical (MPHC.QA) .

In Abu Dhabi, the benchmark index (.FTFADGI) was up for the third straight session, inching up 0.1%, supported by a 1.1% gain in Aldar Properties (ALDAR.AD) and 1% rise in UAE's largest lender First Abu Dhabi Bank (FAB.AD) .

Dubai's benchmark index (.DFMGI) fell 0.2%, with most sectors in the red.

Emirates Central Cooling Systems Corp (EMPOWER.DU) declined 1.8% and Emirate's largest lender Emirates NBD (ENBD.DU) lost 0.9%.

Outside the Gulf, Egypt's blue-chip index (.EGX30) fell for a third consecutive session and ended 0.1% lower, with Commercial International Bank (COMI.CA) dropping 1% and Talaat Mostafa Group Holding (TMGH.CA) sliding 3.3%.

However, Misr Fertilizer (MFPC.CA) and Orascom Egypt (ORHD.CA) gained 2.6% and 9.9% respectively.