Thursday, 16 February 2023

Most Gulf bourses track oil prices higher | Reuters

Most Gulf bourses track oil prices higher | Reuters

Most Gulf stock markets rose in early trade on Thursday, tracking gains in global peers and oil prices, although Abu Dhabi extended losses to a second session.

Crude prices- a key catalyst for the Gulf's financial markets - edged up after International Energy Agency (IEA) said oil demand would rise by 2 million barrels per day (bpd) in 2023, with China making up 900,000 bpd of the increase.

Brent was up 0.7%, to $85.92 per barrel by 0745 GMT.

The Qatari Stock index (.QSI) inched up 0.6%, bolstered by gains in banking and industrial sectors with Industries Qatar (IQCD.QA) rising 2% and Masraf Al Rayan (MARK.QA) gaining 2.4%.

The region's largest lender Qatar National Bank (QNBK.QA) and Qatar Islamic Bank (QISB.QA) rose 0.7% and 0.6%, respectively.

Mesaieed Petrochemical (MPHC.QA) declined 1.4% after it reported a drop in full-year net profit.

Dubai's benchmark stock index (.DFMGI) was up 0.1% in early trade, aided by gains in industry sector stocks, with toll operator Salik (SALIK.DU) rising 1.2%.

Dubai's real estate developer Deyaar Development (DEYR.DU) climbed 2.6% after it reported on Wednesday a 187% jump in full-year net profit.

Saudi Arabia's benchmark stock index (.TASI) inched up 0.1%, helped by gains in finance, materials and energy sectors, with world's largest Islamic bank by assets Al Rajhi Bank (1120.SE) gaining 0.4% and oil giant Saudi Aramco (2222.SE) rising 0.3%.

However, the Saudi's ICT services provider Solutions By Stc (7202.SE) slipped 4.7% after it posted a 26.5% jump in full year net profit that missed analysts' estimates.

In Abu Dhabi, the benchmark stock index (.FTFADGI) dropped 0.2%, dragged down by a 0.3% loss in Alpha Dhabi (ALPHADHABI.AD) and 0.4% fall in the largest lender by assets First Abu Dhabi Bank (FAB.AD) .

Among the losers, Americana Restaurants International (AMR.AD) dropped 2.3% after the firm missed a market estimate of 998.9 million riyals for annual net profit.

Americana posted a 27% jump in 2022 net profit to 972.1 million riyals ($259.23 million).

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