Tracking oil prices higher, Qatar Stock Exchange (QSE) general index rose by 73.14 points (0.72 percent) to close at 10, 254.22 points on Tuesday.

A total of 187,961,004 shares were traded with a value of QR467,466,574.175 from 17132 transactions in all sectors.

Of the listed companies, shares of 31 companies rose, while the prices of 10 other companies decreased and four companies remained unchanged.

The market capitalisation, at the end of the trading session, was QR606.864 billion compared to QR602.311 billion in the previous closing.

Oil prices – a key catalyst for the Gulf’s financial markets – rose as markets weighed supply cuts for August by top exporters Saudi Arabia and Russia against the backdrop of an uncertain global economic outlook.

Saudi Arabia would extend its voluntary cut of 1 million barrels per day (bpd) from output to August, the kingdom’s state news agency reported. Russia will also reduce its oil exports by 500,000 bpd in August, Deputy Prime Minister Alexander Novak said.

Meanwhile, Dubai’s main share index advanced 1.4 percent and is at its highest in nearly eight years, led by a 4.6 percent jump in top lender Emirates NBD, which is trading near a record high.

Saudi Arabia’s benchmark index gained 0.3 percent, led by a 9.8 percent surge in Saudi Airline Catering after it announced a contract with Red Sea Global valued at about $1.68 billion.