Mideast Stocks: Most Gulf markets track Asian shares higher; weak earnings weigh on Saudi

RBL Bank

21/10/2025 10:04

Oct 21 (Reuters) - Most Gulf stock markets rose in early trade on Tuesday, in line with Asian benchmarks, on potential easing of U.S.-China trade tensions, although Saudi Arabia’s index dipped due to disappointing corporate earnings.

Dubai's main share index .DFMGI rose 0.3%, with top lender  Emirates NBD (ENBD) ENBD.DU advancing 1.9%.

ENBD will buy a 60% stake in Indian private lender RBL Bank RATB.NS for $3 billion, the largest cross-border acquisition in India's financial sector, RBL said on Saturday in a statement to exchanges.

In Abu Dhabi, the index .FTFADGI added 0.3%, helped by a 0.3% gain in investment firm Multiply Group MULTIPLY.AD, after its parent firm International Holding Company's IHC.AD board approved a plan to acquire investment platform 2PointZero and food company Ghitha Holding GHITHA.AD through a share swap.

Saudi Arabia's benchmark index .TASI dropped 0.6%, hit by a 9.6% plunge in Yamama Cement Company 3020.SE following a more than 63% decline in third-quarter profit. The company's stock is poised for its largest intraday decline since May 2020.

Al Rajhi Bank 1120.SE - the biggest sharia-compliant lender - fell 0.5%, even as it recorded a strong third-quarter profit, although its quarter-on-quarter profit growth was in the single digits.

    Oil prices - a key component of Gulf economies - declined for a second day as concerns about supply and risks to demand from the trade dispute between the U.S. and China, the world's top-two oil consumers, weighed on the markets.

The Qatari index .QSI was up 0.2%, with Qatar Islamic Bank QISB.QA gaining 0.8%.

 (Reporting by Ateeq Shariff in Bengaluru; Editing by Harikrishnan Nair)

 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788))