MIDEAST STOCKS-Major Gulf stocks gain ahead of corporate earnings - Agricultural Commodities - Reuters:
Most major Gulf markets rose on Monday in early trade, as fears of conflict between the United States and Iran eased and investors focus turned to corporate earnings starting this week.
Saudi Arabia’s index rose 0.4% as Al Rjahi Bank gained 0.6%, while Saudi Basic Industries was up 1%.
Oil giant Saudi Aramco rose 0.3% to 34.9 riyals.
“GCC corporate profits are expected to increase by around 6.5% this year with profits in Saudi Arabia forecast to be up 7.1%,” said Tarek Fadlallah of Nomura Asset Management Middle East, citing Marmore Research.
In Qatar, the index was up 0.5% as the Gulf’s largest lender Qatar National Bank increased 1.7% ahead of its corporate earnings announcement on Tuesday. Qatar Gas Transport gained 2.1%.
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