Business
Most Gulf markets gain as earnings season advances
Most Gulf markets gain as earnings season advances
About this update from Al Rajhi Bank
By Ateeq Shariff Most stock markets in the Gulf ended higher on Tuesday, with investors focused on corporate earnings.Saudi Arabia's benchmark index TADAWUL:TASI advanced 1%, led by a 2% rise in Al Rajhi Bank TADAWUL:1120. The bank reported annual net profit of 24.79 billion riyals ($6.61 billion), up from 19.72 billion riyals a year earlier.Al Rajhi also announced a cash dividend of 1.75 riyals per share for the second half, marking a nearly 20% rise compared to the same period last year.Among other gainers, Saudi National Bank TADAWUL:1180 - the country's biggest lender by assets - jumped 3.4% following a sharp rise in 2025 net profit.The market is also gaining support from expectations of increased foreign investor access to the Saudi market starting February 1, said Milad Azar, market analyst at XTB MENA.Oil prices continue to provide stability after recovering last week, though geopolitical developments pose an underlying risk that could affect the market should regional tensions intensify, added Azar.In Abu Dhabi, the index ADX:FADGI rose 0.9%.Meanwhile, crude prices were little changed as resumption in supply from Kazakhstan offset the price increase caused by a storm impacting crude production and refineries on the U.S. Gulf Coast.The head of Abu Dhabi National Oil Company (ADNOC) said global oil demand will remain above 100 million barrels per day through 2040, while demand for both liquefied natural gas and electricity will grow by 50% or more.Dubai's main share index DFM:DFMGI added 0.3%, with blue-chip developer Emaar Properties DFM:EMAAR rising 1.4%.The Qatari index QSE:GNRI, however, eased 0.3%, with Qatar Islamic Bank QSE:QIBK losing 1.3%.Outside the Gulf, Egypt's blue-chip index EGX:EGX30 rose 0.7%, closing at its highest, with Commercial International Bank EGX:COMI rising 1.4%.Saudi ArabiaTADAWUL:TASI advanced 1% to 11,382Abu DhabiADX:FADGI climbed 0.9% to 10,355DubaiDFM:DFMGI was up 0.3% to 6,466QatarQSE:GNRI eased 0.3% to 11,285EgyptEGX:EGX30 gained 0.7% to 47,835BahrainBAHRAIN:BHBX lost 0.2% to 2,050Oman(.MSX30) rose 1.2% to 6,271Kuwait(.BKP) added 0.9% to 9,384($1 = 3.7498 riyals)