Mideast Stocks: #Dubai leads most Gulf markets higher

Mideast Stocks: Dubai leads most Gulf markets higher

Stock markets in the Gulf were up on Wednesday in early trade amid rising oil prices and robust corporate earnings, with the Dubai index outperforming its peers.

Oil prices, a catalyst for the Gulf's financial markets, rose slightly after a modest fall earlier in the session as traders weighed the impact on prices stemming from escalating geopolitical tensions and concerns over tepid demand.

Dubai's benchmark stock index surged 1.2%, the highest rise in nearly three months, with all sectors in positive territory.

The index was lifted by a record surge in Dubai Islamic Bank which jumped 7.9% in early trade, the sharpest rise since June 2020.

The biggest Islamic lender in the United Arab Emirates, reported on Tuesday a 24% increase in full-year attributable net profit to 6.80 billion dirhams ($1.85 billion), up from 5.47 billion ($1.49 billion) a year earlier.

Saudi Arabia's benchmark stock index was up 0.6%, supported by a gain of 1% in Al Rajhi Bank and a 1.4% rise in Elm Co.

In Abu Dhabi, the benchmark stock index advanced 0.3%, with UAE's largest lender First Abu Dhabi Bank gaining 1.8% and Abu Dhabi Islamic Bank climbing 2.5%.

ADIB reported on Tuesday a 28% increase in fourth-quarter net profit to 1.5 billion dirhams ($408.45 million), up from 1.17 billion a year earlier.

The Qatari benchmark index inched up 0.1%, aided by a gain of 0.9% in Qatar National Bank and 1.2% rise in Qatar International Islamic Bank.