By Ateeq Shariff
Most Gulf stock markets reversed early losses to close higher on Thursday as investors shifted focus to earnings, brushing aside concerns over U.S.-Iran tensions.
Saudi Arabia's benchmark index TADAWUL:TASI advanced 0.8%, with petrochemical maker Saudi Basic Industries Corp TADAWUL:2010 gaining 2.7%.
Fourth-quarter earnings have been broadly upbeat, indicating the market could regain its earlier upward momentum once conditions stabilize, said Milad Azar, market analyst at XTB MENA.
"Additionally, any reduction in the regional geopolitical tensions that have recently weighed on sentiment could further aid a recovery."
U.S. President Donald Trump met Israeli Prime Minister Benjamin Netanyahu on Wednesday and later said they had not reached any "definitive" agreement regarding Iran, but emphasised that negotiations with Tehran would continue.
It came a day after Trump said he was considering deploying a second aircraft carrier to the Middle East if no deal is reached with Iran.
Dubai's main share index DFM:DFMGI added 0.4%, with top lender Emirates NBD DFM:EMIRATESNBD rising 2.5%.
Blue-chip developer Emaar Properties DFM:EMAAR, however, fell 0.6%. After market hours, Emaar reported an annual net profit of 17.60 billion dirhams ($4.79 billion), up from 13.51 billion dirhams a year earlier.
In Abu Dhabi, the index ADX:FADGI rose 0.3%, led by a 5.5% jump in Aldar Properties ADX:ALDAR — its biggest intraday gain since June.
Last week, the Abu Dhabi developer reported a fourth-quarter net profit of 2.9 billion dirhams ($789.59 million), up 49% year-on-year.
The Qatari index QSE:GNRI edged 0.1% higher, with Qatar Islamic Bank QSE:QIBK rising 1%.
However, petrochemical maker Industries Qatar QSE:IQCD retreated 2.2%, to be the top loser, following an annual profit drop.
Elsewhere, Qatar Gas Transport QSE:QGTS fell 1%, as the firm traded ex-dividend.
Outside the Gulf, Egypt's blue-chip index EGX:EGX30 climbed 1.6%, led by a 2.9% increase in Commercial International Bank EGX:COMI.
Saudi Arabia
TADAWUL:TASI rose 0.8% to 11,252
Abu Dhabi
ADX:FADGI up 0.3% to 10,689
Dubai
DFM:DFMGI added 0.4% to 6,715
Qatar
QSE:GNRI gained 0.1% to 11,516
Egypt
EGX:EGX30 advanced 1.6% to 50,490
Bahrain
BAHRAIN:BHBX eased 0.1% to 2,052
Oman
(.MSX30) jumped 2.1% to 7,178
Kuwait
(.BKP) was up 0.1% to 9,287
($1 = 3.6728 UAE dirham)