Major stock markets in the Gulf closed mixed on Tuesday, with petrochemical shares boosting the Qatari index.
In Qatar, the benchmark (.QSI) rose 0.6%, led by a 2.9% increase in Industries Qatar (IQCD.QA), extending gains from the previous session when the petrochemical maker reported a higher net profit for the quarter ended March 31.
Mesaieed Petrochemical (MPHC.QA) jumped 4.2%, ahead of its first-quarter earnings announcement.
Saudi Arabia's benchmark index (.TASI) finished 0.4% higher, with Dr Sulaiman Al-Habib Medical Services (4013.SE) advancing 3.6% and Saudi National Bank (SNB) (1180.SE) rising 1.3%.
SNB, the kingdom's largest lender, posted a 20.3% rise in first-quarter net profit on Monday with lower impairments and higher fees, in a sign that the economy has been recovering from last year's pandemic lockdowns. read more
Saudi Arabia said on Tuesday it had intercepted an explosive-laden boat off the Red Sea port of Yanbu after maritime security firms cited "unconfirmed reports" of an attack on a vessel in the area. read more
In Dubai, the main share index (.DFMGI) fell 0.6%, hit by a 1.3% fall in blue-chip developer Emaar Properties (EMAR.DU) and a 1.1% decrease in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
Among others, Islamic Arab Insurance (SALAMA.DU) dived some 10%, its biggest intraday fall since March last year, as the insurer went ex-dividend.
The Abu Dhabi index (.ADI) lost 0.4%, with telecoms giant Etisalat (ETISALAT.AD) sliding 1.3%, while Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) retreated 1%.
ADCB, the United Arab Emirates' third-biggest lender, gained over 2% on Monday a day after it reported soaring profit as it recovers from impairments linked to troubled hospital operator NMC Health. read more
However, the index saw some support from Emirates Driving Company (DRIVE.AD), which soared 9.4% after the firm announced establishment of a new branch with an investment of about 22 million dirhams ($5.99 million).
Outside the Gulf, Egypt's blue-chip index (.EGX30) rebounded 0.4%, with top lender Commercial International Bank (COMI.CA) rising 1.5%.
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