Mideast Stocks: Most Gulf markets gain on oil, earnings; Abu Dhabi slips

Eastern

25/07/2023 14:46

By Ateeq Shariff
       July 25 (Reuters) - Most stock markets in the Gulf ended
higher on Tuesday on the back of rising oil prices and corporate
earnings, although gains were limited as focus shifted to the
Federal Reserve's monetary policy decision due on Wednesday.
    Oil prices - a key catalyst for the Gulf's financial markets
- were steady. They hovered near three-month highs as signs of
tighter supplies and pledges by Chinese authorities to shore up
the world's second-biggest economy lifted sentiment, while
weaker Western economic data weighed.
    Saudi Arabia's benchmark index  .TASI  gained 0.7%, led by a
8.5% surge in Alinma Bank  1150.SE  after it reported a sharp
rise in quarterly earnings.
    The lender, which saw its biggest intraday gain in over
three years, posted second-quarter net profit of 1.23 billion
riyals ($327.97 million), up from 925.1 million riyals year ago.
    Dubai's main share index  .DFMGI  finished 0.5% higher,
driven by a 1.8% rise in sharia-compliant lender Dubai Islamic
Bank  DISB.DU  and a 4.1% increase in Gulf Navigation  GNAV.DU .
    In Abu Dhabi, the index  .FTFADGI  eased 0.2%.
    The Abu Dhabi stock market saw limited price movements with
caution taking hold ahead of the Federal Reserve meeting, said
Farah Mourad, Senior Market Analyst of XTB MENA.
    "Volatility in oil prices has also impacted the market's
performance and could weigh on expectations. The main index
could continue to see risks after a series of gains."
    Most Gulf Cooperation Council countries, including the UAE,
Saudi Arabia and Qatar, have their currencies pegged to the U.S.
dollar and generally follow the Fed's policy moves, exposing the
region to a direct impact from any monetary policy moves there.
    Outside the Gulf, Egypt's blue-chip index  .EGX30  fell
0.4%. Most of the stocks on the index were in negative territory
including Eastern Company  EAST.CA , which was down 1.9%.
    According to Mourad, declining trading volume continued to
weigh on the Egyptian bourse which saw some volatility over the
last few days.
    
 SAUDI ARABIA   .TASI  rose 0.7% to 11,883
 ABU DHABI      .FTFADGI  fell 0.2% to 9,727
 DUBAI          .DFMGI  added 0.5% to 4,015
 QATAR          .QSI  gained 0.4% to 10,536
 EGYPT          .EGX30  lost 0.4% to 17,480
 BAHRAIN        .BAX  added 0.1% to 1,988
 OMAN           .MSX30  lost 0.3% to 4,783
 KUWAIT         .BKP  was up 0.4% to 8,104
 

($1 = 3.7504 riyals)

 (Reporting by Ateeq Shariff in Bengaluru; Editing by Emma
Rumney)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))