Aramco fuels #Saudi market's gains; #Qatar eases | Reuters

Aramco fuels Saudi market's gains; Qatar eases | Reuters

Most major stock markets in the Gulf rose in early trade on Monday with the Saudi index on course to snap seven sessions of losses led by a rise in oil giant Saudi Aramco (2222.SE).

Saudi Arabia's benchmark index (.TASI) advanced 0.6%, on track to end a seven-day losing streak, led by a 1.4% gain in Saudi Aramco (2222.SE).

Aramco reported net profit of 112.81 billion riyals ($30.07 billion) for the second-quarter, down from 181.64 billion riyals a year earlier, it said in a statement, beating a company-provided median estimate from 15 analysts of $29.8 billion.

The group declared a base dividend of just over $19.51 billion for the second quarter, roughly in line with its payout for the first quarter.

It also said it will begin paying performance-linked dividends for six quarters, starting with a $9.87 billion payout in the third quarter.

Elsewhere, Al Etihad Cooperative Insurance (8170.SE) advanced 10%, to become the top gainer on the index, after it swung to quarterly profit.

The Abu Dhabi index (.FTFADGI) edged 0.2% higher, with the country's biggest lender First Abu Dhabi Bank (FAB.AD) rising 0.8%.

ADNOC Gas (ADNOCGAS.AD) retreated 1.4%, after the energy firm reported on Friday a 24% slide in second-quarter revenue.

Dubai's main share index (.DFMGI) added 0.1%, with Mashreq Bank (MASB.DU) gaining 6.2%.

Oil prices - a key catalyst for the Gulf's financial markets - edged down but were still near their highest levels since mid-April after top producers Saudi Arabia and Russia pledged to keep supplies down for another month to tighten global markets further and support prices.

In Qatar, the index (.QSI) eased 0.1% in choppy trade, weighed down by a 1.4% fall in petrochemical maker Industries Qatar (IQCD.QA).