Major Gulf bourses rise on strong earnings, China stimulus optimism | Reuters

Major Gulf bourses rise on strong earnings, China stimulus optimism | Reuters

Most stock markets in the Gulf rose on Wednesday as strong corporate earnings and pledges by Chinese authorities to shore up the economy lifted investor sentiment.

In China, the world's second-largest economy and second-biggest oil consumer, leaders pledged to step up policy support for the economy amid a tortuous post-COVID recovery, focusing on boosting domestic demand.

The Qatar benchmark index (.QSI) rose 0.8%, and all sectors traded in green with Commercial Bank (COMB.QA) climbing 1.5% and Doha Bank (DOBK.QA) gaining 1.8%.

Qatar National Bank (QNBK.QA), the Gulf's largest lender, added 0.8% and index heavyweight Qatar International Islamic Bank gained 0.3% after it posted a rise in half-yearly net profit.

Dubai's benchmark stock index (.DFMGI) rose 0.2%, lifted by gains in finance and industry sectors, with Gulf Navigation (GNAV.DU) surging 9.5% and Taaleem Holding (TAALEEM.DU) adding 3%.

The Emirate's largest lender Emirates NBD (ENBD.DU) climbed 1.2%.

In Abu Dhabi, the benchmark stock index (.FTFADGI) added 0.1%, helped by a 1.5% increase in Fertiglobe (FERTIGLOBE.AD) and 0.4% rise in the UAE's largest bank First Abu Dhabi Bank (FAB.AD).

National Marine Dredging (NMDC.AD) advanced 5.4% in early trade after the firm recorded a more than 70% growth in its second-quarter net profit, while revenue jumped nearly 90% year-on-year.

Saudi Arabia's benchmark stock index (.TASI) inched up 0.1% with Dar Al Arkan Real Estate Development (4300.SE) surging 2% and Saudi Arabian Mining (1211.SE) gaining 1.6%.

Al Rajhi Bank (1120.SE), the world's largest Islamic bank by assets, added 0.3% and Saudi National Bank (1180.SE) rose 0.6% in early trade as the board proposed H1 cash dividend of SAR 0.85 per share.

The kingdom's biggest lender by assets reported on Tuesday a 9.3% jump in net profit for the second quarter.