Mideast Stocks: Major Gulf bourses rise on strong earnings, China stimulus optimism

The Commercial Bank (P.S.Q.C.)

26/07/2023 09:44

By Md Manzer Hussain
       July 26 (Reuters) - Most stock markets in the Gulf rose
on Wednesday as strong corporate earnings and pledges by Chinese
authorities to shore up the economy lifted investor sentiment.
    In China, the world's second-largest economy and
second-biggest oil consumer, leaders pledged to step up policy
support for the economy amid a tortuous post-COVID recovery,
focusing on boosting domestic demand.
    The Qatar benchmark index  .QSI  rose 0.8%, and all sectors
traded in green with Commercial Bank  COMB.QA  climbing 1.5% and
Doha Bank  DOBK.QA  gaining 1.8%.
    Qatar National Bank  QNBK.QA , the Gulf's largest lender,
added 0.8% and index heavyweight Qatar International Islamic
Bank gained 0.3% after it posted a rise in half-yearly net
profit. 
    Dubai's benchmark stock index  .DFMGI  rose 0.2%, lifted by
gains in finance and industry sectors, with Gulf Navigation
 GNAV.DU  surging 9.5% and Taaleem Holding  TAALEEM.DU  adding
3%.
    The Emirate's largest lender Emirates NBD  ENBD.DU  climbed
1.2%.
    In Abu Dhabi, the benchmark stock index  .FTFADGI  added
0.1%, helped by a 1.5% increase in Fertiglobe  FERTIGLOBE.AD 
and 0.4% rise in the UAE's largest bank First Abu Dhabi Bank
 FAB.AD .
    National Marine Dredging  NMDC.AD  advanced 5.4% in early
trade after the firm recorded a more than 70% growth in its
second-quarter net profit, while revenue jumped nearly 90%
year-on-year.
    Saudi Arabia's benchmark stock index  .TASI  inched up 0.1%
with Dar Al Arkan Real Estate Development  4300.SE  surging 2%
and Saudi Arabian Mining  1211.SE  gaining 1.6%. 
    Al Rajhi Bank  1120.SE , the world's largest Islamic bank by
assets, added 0.3% and Saudi National Bank  1180.SE  rose 0.6%
in early trade as the board proposed H1 cash dividend of SAR
0.85 per share.
    The kingdom's biggest lender by assets reported on Tuesday a
9.3% jump in net profit for the second quarter.     
    
    

 (Reporting by Md Manzer Hussain; Editing by Sherry
Jacob-Phillips)
 ((MdManzer.Hussain@thomsonreuters.com;))