Mideast Stocks: Most Gulf markets gain on earnings boost; Saudi index extends losses
Dubai's main index jumped 2.2% to hit a fresh 17.5-year high, buoyed by financials. Emirates NBD climbed 4%, extending gains for a third consecutive session, after the top lender announced it had concluded 3.9 billion dirhams in syndicated loans for Dubai Metro's Blue Line Project.
Budget airliner Air Arabia surged 3.9% to a record high on plans to increase its Abu Dhabi unit's operational capacity by 40% this year, following Wizz Air Abu Dhabi's exit from the market, citing regional instability.
In Abu Dhabi, the Index added 0.7%, with a 3.5% surge in First Abu Dhabi Bank. Strong bank earnings supported sentiment across the UAE financials. Qatar's benchmark gave up early losses to close 1% higher after Qatar Islamic Bank rose 3.8%.
The country's top Islamic lender reported a 5.3% year-on-year rise in first-half earnings and declared a 0.4 riyal per share dividend, up 60% from a year earlier. Markets also calmed after U.S. President Donald Trump denied that he was planning to fire the Federal Reserve Chair Jerome Powell, but kept the door open to the possibility.
A Bloomberg report had said Trump was likely to fire Powell soon. Investors believed that Powell's replacement would have a more lenient stance on monetary policy and that additional interest-rate cuts would be possible this year.
Monetary policy in the Gulf tends to mirror the Fed's moves, given the region's currency pegs to the U.S. dollar. Saudi Arabia's benchmark index slipped 0.3%, falling for an eighth consecutive session, with Saudi National Bank losing 1.8%.
Outside the Gulf, Egypt's blue-chip index gained 1%, nearing an all-time high, with most sectors in the green.
Egypt's Finance Minister Ahmed Kouchouk said on Wednesday he was confident the country would hit its key economic reform targets and have a delayed review of its $8 billion International Monetary Fund programme completed by September or October.
SAUDI ARABIA eased 0.3% to 11,007
ABU DHABI rose 0.7% to 10,242
DUBAI climbed 2.2% to 6,103
QATAR gained 1% to 10,915
EGYPT added 1% to 33,821
BAHRAIN eased 0.1% to 1,945
OMAN advanced 1.2% to 4,654
KUWAIT increased 0.9% to 9,309
(Reporting by Amna Mariyam and Ateeq Shariff in Bengaluru; Editing by Arun Koyyur)
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