Mideast Stocks: Most Gulf markets gain on earnings; geopolitics weigh

Commercial International Bank Egypt CIB

29/10/2024 13:53

By Ateeq Shariff
       Oct 29 (Reuters) - Most stock markets in the Gulf ended
higher on Tuesday as a slew of corporate earnings lifted
investor sentiment, although regional tensions limited gains.
    Saudi Arabia's benchmark index  .TASI  edged 0.1% higher,
helped by a 1.4% rise in Al Rajhi Bank  1120.SE  and a 3.1%
increase in Saudi Arabian Mining Company  1211.SE .
    Elsewhere, Mobile Telecommunications Saudi Arabia  7030.SE ,
known as Zain KSA, added 0.4% following a rise in quarterly net
profit.
    Separately, the kingdom's investment minister said on
Tuesday the number of companies in the kingdom with a regional
headquarters had reached 540, ahead of a 2030 target of 500.
    In Abu Dhabi, the index  .FTFADGI  closed 0.1% higher,
supported by a 0.4% increase in diversified holding firm Borouge
 BOROUGE.AD .
    Dubai's main share index  .DFMGI  advanced 1%, with toll
operator Salik Co  SALIK.DU  rising 1.3%, and Emirates Central
Cooling Systems Corp  EMPOWER.DU  putting on 1.8%.
    Oil prices - a catalyst for the Gulf's financial markets -
rose more than 1%, reversing some of the previous session's 6%
tumble, as a U.S. plan to buy oil for the Strategic Petroleum
Reserve (SPR) provided some support, though wider concerns about
weaker future demand growth exerted pressure.
    The Qatari index  .QSI  gained 0.8%, with the Gulf's biggest
lender Qatar National Bank  QNBK.QA  climbing 1.1%, while
petrochemical maker Industries Qatar  IQCD.QA  rose 0.7% ahead
of its earnings announcement.
    Outside the Gulf, Egypt's blue-chip index  .EGX30  dropped
0.5%, hit by a 1.1% fall in Commercial International Bank
 COMI.CA .
    
    
 SAUDI ARABIA   .TASI  added 0.1% to 12,062
 ABU DHABI      .FTFADGI  rose 0.1% to 9,312
 DUBAI          .DFMGI  advanced 1% to 4,583
 QATAR          .QSI  gained 0.8% to 10,591
 EGYPT          .EGX30  lost 0.5% to 30,620
 BAHRAIN        .BAX  added 0.3% to 2,017
 OMAN           .MSX30  lost 0.6% to 4,766
 KUWAIT         .BKP  finished flat at 7,611
 
 (Reporting by Ateeq Shariff in Bengaluru; Editing by Alex
Richardson)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))