Most Gulf markets gain on earnings; geopolitics weigh

By Ateeq Shariff

(Reuters) – Most stock markets in the Gulf ended higher on Tuesday as a slew of corporate earnings lifted investor sentiment, although regional tensions limited gains.

Saudi Arabia’s benchmark index edged 0.1% higher, helped by a 1.4% rise in Al Rajhi Bank and a 3.1% increase in Saudi Arabian Mining Company.

Elsewhere, Mobile Telecommunications Saudi Arabia, known as Zain KSA, added 0.4% following a rise in quarterly net profit.

Separately, the kingdom’s investment minister said on Tuesday the number of companies in the kingdom with a regional headquarters had reached 540, ahead of a 2030 target of 500.

In Abu Dhabi, the index closed 0.1% higher, supported by a 0.4% increase in diversified holding firm Borouge.

Dubai’s main share index advanced 1%, with toll operator Salik Co rising 1.3%, and Emirates Central Cooling Systems Corp putting on 1.8%.

Oil prices – a catalyst for the Gulf’s financial markets – rose more than 1%, reversing some of the previous session’s 6% tumble, as a U.S. plan to buy oil for the Strategic Petroleum Reserve (SPR) provided some support, though wider concerns about weaker future demand growth exerted pressure.

The Qatari index gained 0.8%, with the Gulf’s biggest lender Qatar National Bank climbing 1.1%, while petrochemical maker Industries Qatar rose 0.7% ahead of its earnings announcement.

Outside the Gulf, Egypt’s blue-chip index dropped 0.5%, hit by a 1.1% fall in Commercial International Bank.

SAUDI ARABIA added 0.1% to 12,062

ABU DHABI rose 0.1% to 9,312

DUBAI advanced 1% to 4,583

QATAR gained 0.8% to 10,591

EGYPT lost 0.5% to 30,620

BAHRAIN added 0.3% to 2,017

OMAN lost 0.6% to 4,766

KUWAIT finished flat at 7,611

(Reporting by Ateeq Shariff in Bengaluru; Editing by Alex Richardson)