Gulf Stock Markets Overview

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 up 0.1%, supported by a 1.4% rise in Al Rajhi Bank and a 3.1% increase in the Saudi Arabian Mining Company.

In other movements, Mobile Telecommunications Saudi Arabia, known as Zain KSA, added 0.4% following a rise in quarterly net profit. Separately, the kingdom's investment minister reported that the number of companies with a regional headquarters in the kingdom reached 540, surpassing the 2030 target of 500.

In Abu Dhabi, the index closed 0.1% higher, buoyed 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 gaining 1.8%.

Oil prices, crucial for the Gulf's financial markets, rose over 1%, partially reversing a 6% tumble from the previous session after a U.S. plan to buy oil for the Strategic Petroleum Reserve (SPR) provided support, despite broader concerns about weaker future demand growth.

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

Outside the Gulf, Egypt's blue-chip index fell 0.5%, impacted by a 1.1% drop in Commercial International Bank.

Market Performance

• Saudi Arabia: +0.1% to 12,062
• Abu Dhabi: +0.1% to 9,312
• Dubai: +1% to 4,583
• Qatar: +0.8% to 10,591
• Egypt: -0.5% to 30,620
• Bahrain: +0.3% to 2,017
• Oman: -0.6% to 4,766
• Kuwait: flat at 7,611