MIDEAST STOCKS #Saudi stocks gain as Aramco Q1 profit tops estimates | Reuters

MIDEAST STOCKS Saudi stocks gain as Aramco Q1 profit tops estimates | Reuters

Major Gulf stock markets were little changed in early trade on Tuesday, with Saudi Arabia shares rising as state oil producer Saudi Aramco's (2222.SE) first-quarter profit topped analysts' estimates.

Saudi Arabia's benchmark index (.TASI) was up 0.3% after falling for three straight days. Saudi Aramco rose 0.6% after it reported a 30% rise in first-quarter net profit to $21.7 billion, compared with analysts' expectation of $19.48 billion. read more

Aramco said its profit was primarily driven by a stronger oil market and higher refining and chemicals margins, partly offset by lower production.

Among other gainers, Al Rajhi (1120.SE) Bank edged up 0.2%.

Separately, business activity in Saudi Arabia's non-oil private sector hit a three-month high in April as the seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) rose to 55.2 for the month remaining above the 50 mark, which separates expansion from contraction, for the eighth straight month. read more

Abu Dhabi's index (.ADI) edged up 0.1% with First Abu Dhabi Bank (FAB.AD) and Emirates Telecommunications Group (ETISALAT.AD) both gaining 0.1%.

The Dubai index (.DFMGI) was flat as courier firm Aramex (ARMX.DU) rose 1.8% and Emirates Integrated Telecommunications (du) (DU.DU) dropped 1.2% after saying it signed loan agreements for 3.77 billion dirhams ($1.03 billion).

Abu Dhabi and Dubai stocks gained nearly 21% and 7%, respectively, this year amid signs of economic recovery in the country.

Business conditions in the United Arab Emirates non-oil private sector continued to improve in April, with new business growth reaching a 20-month high, a survey showed on Tuesday, as the Gulf state's economy recovers from the COVID-19 pandemic. read more

The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services, rose to 52.7, its highest level since July 2019 and the fifth consecutive month it has held above the 50.

Qatar's index (.QSI) was down 0.4% with 17 of its 20 constituents declining. Industries Qatar (IQCD.QA) led losers falling 2.1%.