Mideast Stocks: Most Gulf markets gain on oil, corporate earnings

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

25/07/2023 09:42

July 25 (Reuters) - Most major stock markets in the Gulf
rose in early trade on Tuesday in response to higher oil prices
and strong earnings, although the Abu Dhabi index bucked the
trend.
    Saudi Arabia's benchmark index  .TASI  gained 0.6%, led by a
5.8% jump in Alinma Bank  1150.SE  following a rise in quarterly
net profit.
    The lender - which hit its highest level since Nov. 9 -
reported second-quarter net profit of 1.23 billion riyals
($327.94 million), up from 925.1 million riyals year ago.
    Oil prices - a key catalyst for the Gulf financial markets -
edged higher for a third straight session, as signs of tighter
supplies and pledges by Chinese authorities to shore up the
economy lifted 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.
    Dubai's benchmark index  .DFMGI  added 0.2%, with top lender
Emirates NBD  ENBD.DU  gaining 1.5%.
    In Qatar, the index  .QSI  advanced 0.9%, as most of the
stocks were in positive territory including Commercial Bank
 COMB.QA , which was up 2.8%.
    Qatari telecoms company Ooredoo  ORDS.QA , Kuwait's Zain
Group  ZAIN.KW  and Dubai-based TASC Towers Holding have entered
into exclusive talks to create the Middle East and North
Africa's largest tower company, they said in a joint statement
on Monday.
    Ooredoo climbed 1.7%, although Zain Group eased 0.2%.
    In Abu Dhabi, the index  .FTFADGI  fell 0.1%, hit by a 0.1%
fall in the country's biggest lender First Abu Dhabi Bank
 FAB.AD .
    However, Sharjah Islamic Bank  SIB.AD  leapt 4.9%, hitting
its highest level since June 2008, after the bank posted a 36.7%
jump in half-yearly net  profit.
    
    
($1 = 3.7507 riyals)

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