Gulf stocks rise on firmer oil, earnings; Dubai hits new record high

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By Md Manzer Hussain Most Gulf stock markets rose on Wednesday, tracking firmer oil prices and upbeat corporate earnings, while investors assessed the potential market fallout from escalating Middle East tensions.Oil - a key driver for Gulf equities - climbed after reports of a drone attack, an incident involving a tanker in the Strait of Hormuz, and a sharp decline in U.S. crude inventories. Brent crude futures were up 0.2% at $67.46 a barrel by 1240 GMT.The Abu Dhabi benchmark index ADX:FADGI rose 0.7% to hit a more than 3-year high at 10,542, with most stocks advancing. ADNOC Gas ADX:ADNOCGAS added 1.3% and Abu Dhabi Islamic Bank ADX:ADIB gained 3.5%. NMDC Energy ADX:NMDCENR rose 2.3% after reporting a 14% increase in full-year net profit and a 14% rise in cash dividends.Dubai's benchmark stock index DFM:DFMGI extended its rally to a third straight session and rose 0.7% to 6,662, a fresh record high since 2006.Emirates NBD DFM:EMIRATESNBD, the emirate's largest lender, rose 3.1%, while Tecom Group DFM:TECOM climbed 4.1% after the business-district operator posted a 70% jump in full-year profit.Separately, the UAE's non-oil private sector recorded the fastest growth in new business in nearly two years in January, driven by a sharp rise in new orders, a survey showed on Wednesday.Saudi Arabia's benchmark stock index TADAWUL:TASI edged up 0.1%, aided by materials, utilities and finance. Saudi Arabian Mining Co TADAWUL:1211 gained 2.2%, and ACWA Power TADAWUL:2082 rose 1.4% after the company said it had signed an energy conversion and water purchase deal with a value of about $4.1 billion. Al Majed For Oud TADAWUL:4165 surged 6% to 157 riyals per share, its highest level in nearly a year. The perfume maker reported a 38.6% rise in full-year net profit.The Qatari benchmark index QSE:GNRI slipped 0.3%, pressured by a 1.3% decline in Industries Qatar QSE:IQCD, while Gulf International Services QSE:GISS dropped 8.3% after reporting a 5% fall in full-year net profit.Outside the Gulf, Egypt's blue-chip index EGX:EGX30 climbed 1.3% with all sectors in the green. Commercial International Bank EGX:COMI rose 2.6% while Talaat Moustafa Group EGX:TMGH added 2%.Egypt's non-oil private sector output grew for the third consecutive month in January, marking the longest period of expansion since late 2020, S&P Global reported on Tuesday, but demand conditions eased.SAUDI A...

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