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Zawya
5 days ago
- Business
- Zawya
Mideast Stocks: Most Gulf markets gain on earnings boost, but Saudi index extends losses
Most major stock markets in the Gulf rose on Thursday, lifted by positive corporate earnings and announcements, although the Saudi index was set to extend losses for an eighth consecutive session. Dubai's main share index advanced 1.2%, hitting a 17-1/2-year high, buoyed by financial shares. Shares of Emirates NBD jumped 4%, on course to gain for a third consecutive session, after the top lender announced it had concluded 3.9 billion dirhams ($1.06 billion) in syndicated loans for Dubai Metro's Blue Line Project. Budget airliner Air Arabia advanced 5.1% 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. In Abu Dhabi, the index added 0.6%. The Qatari index gained 0.5%, supported by a 2.6% rise in Qatar Islamic Bank after the lender reported higher half-yearly profit. The sharia-compliant lender reported on Wednesday a first-half net profit of 2.18 billion riyals ($598.46 million), up 5.3% from last year. Shares of Commercial Bank of Qatar dropped 1.3%, a day after the lender posted a nearly 20% decline in net profit for the six-month period ended June 30. Saudi Arabia's benchmark index eased 0.2%, on course to fall for a eighth consecutive session, with Al Rajhi Bank losing 0.8%. Elsewhere, oil giant Saudi Aramco was down 0.7%. ($1 = 3.6427 Qatar riyals) ($1 = 3.6726 UAE dirham) (Reporting by Ateeq Shariff in Bengaluru; Editing by Sherry Jacob-Phillips)
Zawya
6 days ago
- Business
- Zawya
Mideast Stocks: Most Gulf markets gain as investors eye earnings
Most major stock markets in the Gulf rose in early trade on Wednesday ahead of more corporate earnings, with Dubai and Abu Dhabi bourses rising on the back of financial shares. Dubai's main share index gained 0.6%, led by a 3.3% leap in sharia-compliant lender Dubai Islamic Bank. In Abu Dhabi, the index added 0.4%, with the country's biggest lender First Abu Dhabi Bank jumping 2.5% and Abu Dhabi Commercial Bank (ADCB) increasing 2.6%, building on a 7.6% surge in the previous session to a hit record high. ADCB - the third-largest bank by assets in the United Arab Emirates - on Monday posted second-quarter net profit of 2.57 billion dirham ($699.74 million), a rise of 10.7% from the same period a year earlier. Saudi Arabia's benchmark index edged 0.2% higher, on course to snap six consecutive sessions of losses, helped by a 0.3% rise at Al Rajhi Bank. Oil prices, a catalyst for the Gulf's financial markets, rose, boosted by expectations of firm summer demand in the world's two largest consumers, the United States and China. However, gains were capped by analysts' caution about the broader economy. In Qatar, the index was flat. Meanwhile, investors sought more details on President Donald Trump's trade policy, while assessing data showing an increase in U.S. consumer prices last month. Following the data, Trump said that consumer prices were low and the Fed should bring down interest rates now. The Fed's actions have a significant impact on the Gulf region's monetary policy, as most regional currencies are pegged to the U.S. dollar. ($1 = 3.6728 UAE dirham)
