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 ARABIA
TADAWUL:TASI up 0.1% to 11,341
KUWAIT
(.BKP) lost 0.7% to 9,312
QATAR
QSE:GNRI down 0.3% to 11,385
EGYPT
EGX:EGX30 rose 1.3% to 49,632
BAHRAIN
BAHRAIN:BHBX up 0.2% to 2,061
OMAN
(.MSX30) gained 0.9% to 6,381
ABU DHABI
ADX:FADGI advanced 0.7% to10,542
DUBAI
DFM:DFMGI rose 0.7% to 6,662
($1 = 3.6727 UAE dirham)