Business
Most Gulf bourses edge higher as stronger oil prices offset mixed earnings
Most Gulf bourses edge higher as stronger oil prices offset mixed earnings
About this update from Al Rajhi Bank
By Md Manzer Hussain Most Gulf equity markets eked out gains on Thursday as stronger oil prices lifted sentiment and offset a mixed batch of earnings reports. Oil prices, a catalyst for the Gulf's financial markets, climbed 1.1% ahead of a meeting between U.S. President Donald Trump and Russian President Vladimir Putin in Alaska on Friday to discuss an end to the war in Ukraine.Brent crude ICEEUR:BRN1! was trading at $66.4 a barrel by 1330 GMT.Saudi Arabia's benchmark stock index TADAWUL:TASI snapped a five session losing streak, rising 0.7% with most constituents higher on the day. Al Rajhi Bank TADAWUL:1120 rose 1.4% and Saudi Arabian Mining TADAWUL:1211 added 1.3%. Arabian Plastic Industrial Company TADAWUL:9548 climbed 6.4% after the plastics maker reported a doubling in half-year net profit.The Qatari benchmark index QSE:GNRI inched up 0.1%, just stretching gains to a fourth day, with Doha Bank QSE:DHBK rising 3.9% and Qatar Navigation QSE:QNNS up 2.4%. Dubai's benchmark index DFM:DFMGI also eked out a 0.1% gain after two sessions of losses, with most sectors in positive territory. Emirates NBD DFM:EMIRATESNBD, the emirate's largest lender, added 0.6% and Salik Company DFM:SALIK rose 4.1%. Toll operator Salik posted a 49.6% increase in second-quarter net profit on Wednesday, beating estimates, and declared a half-year dividend of 10.2781 fils, up 41% from a year earlier. In Abu Dhabi, the benchmark index ADX:FADGI fell 0.3%, extending a losing streak to a seventh session, the longest since February 2024.ADNOC Gas ADX:ADNOCGAS dropped 1.5% and retail and real estate investor MAIR Group ADX:MAIR fell 2.2% after posting a 50.7% fall in second-quarter net profit."Abu Dhabi’s extended decline results from slower diversification, dependence on cyclical oil revenues, and diminished foreign investment since 2022, with an oversupply in real estate hampering growth," said Rania Gule, senior market analyst at XS.com – MENA.Outside the Gulf, Egypt's blue-chip index EGX:EGX30 was down 0.8%, pressured by a 2.8% drop in Qalaa Holdings EGX:CCAP and a 2.6% fall for Belton Financial Holding EGX:BTFH. Telecom Egypt EGX:ETEL rose 0.4% after its second-quarter net profit more than doubled.SAUDI ARABIATADAWUL:TASI rose 0.7% to 10,834KUWAIT(.BKP) up 0.2% to 9,363QATARQSE:GNRI gained 0.1% to 11,649EGYPTEGX:EGX30 down 0.8% to 35,576BAHRAINBAHRAIN:BHBX lost 0.1% to 1,946OMAN(...