Major Gulf markets track Asian shares higher as strong earnings support | Reuters

Major Gulf markets track Asian shares higher as strong earnings support | Reuters

Major stock markets in the Gulf rose on Wednesday, tracking Asian shares higher, as upbeat corporate earnings lifted risk sentiment, although the widening conflict in the Middle East limited gains in the benchmark indexes.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), which hit its lowest since last November on Tuesday, rose 0.6% as investors cheered China's decision to approve a trillion-yuan sovereign issue as a harbinger of stimulus.

Saudi Arabia's benchmark index (.TASI) gained 0.3%, helped by a 2.2% rise in car rental firm Lumi Rental Co (4262.SE), while Alinma Bank (1150.SE) advanced 3% following an upbeat third-quarter profit.

The kingdom's non-oil gross domestic product (GDP) is expected to grow by around 6% this year, the kingdom's finance minister said, adding he expected it would continue to be healthy.

However, oil giant Saudi Aramco (2222.SE) fell 0.5%.

Prices of oil, which fuels the Gulf economy, fell for a fourth day as concerns about slowing European demand offset worries about Middle East supply disruptions stemming from the Israel-Hamas conflict in Gaza.

Dubai's main share index (.TASI) gained 1.2%, buoyed by a 2.6% rise in Dubai Electricity and Water Authority (DEWAA.DU) and a 1.9% increase in sharia-compliant lender Dubai Islamic Bank (DISB.DU).

In Abu Dhabi, the index (.FTFADGI) added 0.3%.

Israel's military intensified its bombing of southern Gaza overnight as world leaders called for a halt to fighting to allow aid into the besieged enclave.

In a statement released on social media, the Palestinian health ministry in Hamas-ruled Gaza said at least 5,791 Palestinians had been killed by Israeli bombardments on the enclave since Oct. 7, including 2,360 children.

The Qatari index (.QSI) was up 0.3%, supported by a nearly 1% gain in Qatar Islamic Bank (QISB.QA) and a 2% increase in Qatar International Islamic Bank (QIIB.QA) after the lender reported higher quarterly profit.