Middle East equities up ahead of earnings, Dubai pulls back from 17-year high

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By Amna Mariyam Middle East stock markets gained on Thursday as anticipation of strong blue-chip earnings offset signals that U.S. interest rates may remain high, while profit-taking dragged the Dubai index down from a 17-1/2 year high. The Federal Reserve's lack of clear guidance on when it might lower borrowing costs hampered investor sentiment in a region where monetary policy typically mirrors the U.S. due to currency pegs.Saudi Arabia's benchmark index TADAWUL:TASI gained 0.1%, driven by investor enthusiasm ahead of major earnings announcements from chemical company SABIC TADAWUL:2010 and oil giant Aramco TADAWUL:2222 due early next week.Aramco rose 0.3%, while Bupa Arabia for Cooperative Insurance TADAWUL:8210 jumped 4.3% after appointing a chairman.Elsewhere, Saudi National Bank TADAWUL:1180, the kingdom's biggest lender by assets, advanced 1.5% as investors bought stock to qualify for dividends ahead of the August 3 eligibility date.Dubai's main share index DFM:DFMGI retreated 0.8%, snapping six straight sessions of gains as investors locked in profits following a nearly two-decade high in multiple sessions.All sectors closed in the red, led by a 1.3% decline in blue-chip developer Emaar Properties DFM:EMAAR.The Abu Dhabi index ADX:FADGI added 0.2%, lifted by selective buying amid a mixed earnings season. Top lender First Abu Dhabi Bank ADX:FAB advanced 1.7%. Qatar's stock index QSE:GNRI rose 1% to 11,262 riyals, a level last seen over two and a half years ago. Qatar Islamic Bank QSE:QIBK led the rally, gaining over 3%. Brokerage HSBC lifted its price target to 29.4 riyals from 25.4 riyals.Qatar's Ooredoo QSE:ORDS surged 5.2%, touching a nearly 11-year peak after the telecom giant posted upbeat second-quarter earnings and held full-year outlook steady.Outside the Gulf, Egypt's blue-chip index EGX:EGX30 jumped 1% to hit a fresh record high, led by a 1.5% gain in Talaat Moustafa Group Holding EGX:TMGH.SAUDI ARABIATADAWUL:TASI gained 0.1% to 10,920 ABU DHABIADX:FADGI added 0.2% to 10,371DUBAIDFM:DFMGI retreated 0.8% to 6,159QATARQSE:GNRI rose 1% to 11,262EGYPTEGX:EGX30 climbed 1% to 34,198BAHRAINBAHRAIN:BHBX was flat at 1,956OMAN(.MSX30) jumped 0.7% to 4,781KUWAIT(.BKP) advanced 0.4% to 9,294

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