#Saudi bourse gains on back of corporate earnings; #Qatar falls | Reuters

Saudi bourse gains on back of corporate earnings; Qatar falls | Reuters

Saudi Arabia's stock market rose in early trade on Tuesday, helped by strong corporate earnings, while the Qatari bourse was on course to extend losses.

Saudi's benchmark index (.TASI) gained 0.8%, led by a 2.9% rise in oil giant Saudi Aramco (2222.SE). The index was set to end eight sessions of losses, if the trend holds.

Aramco on Monday reported a net profit of 112.81 billion riyals ($30.07 billion) for the second quarter, beating a company-provided median estimate from 15 analysts of $29.8 billion.

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

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

Among others, Fawaz Abdulaziz Alhokair (4240.SE) surged 10%, to become the top gainer on the index, following a steep rise in second-quarter net profit.

Dubai's main share index (.DFMGI) eased 0.1%, weighed down by a 6.3% decline in Dubai National Insurance and Reinsurance (DNIN.DU).

In Abu Dhabi, the index (.FTFADGI) advanced 1.1%, led by a 2.5% rise in International Holding Co (IHC) (IHC.AD).

Last week, conglomerate IHC said it was refocusing on domestic acquisitions as global economic challenges hamper its efforts to expand abroad and net profit fell slightly in the second quarter.

The Qatari index (.QSI) slipped 0.7%, with most of the stocks on the index in negative territory, including petrochemical maker Industries Qatar (IQCD.QA), which was down 2.1% ahead of its earnings announcement.

Oil prices, a key catalyst for the Gulf's financial markets, fell by 1% after data showed China's imports and exports fell much more than expected in July in yet another sign of a sluggish post-COVID rebound for the world's largest oil importer.