Tuesday, 29 October 2024

Most Gulf markets gain on earnings; geopolitics weigh | Reuters

Most Gulf markets gain on earnings; geopolitics weigh | Reuters


Most stock markets in the Gulf ended higher on Tuesday as a slew of corporate earnings lifted investor sentiment, although regional tensions limited gains.

Saudi Arabia's benchmark index (.TASI), opens new tab edged 0.1% higher, helped by a 1.4% rise in Al Rajhi Bank (1120.SE), opens new tab and a 3.1% increase in Saudi Arabian Mining Company (1211.SE), opens new tab.

Elsewhere, Mobile Telecommunications Saudi Arabia (7030.SE), opens new tab, known as Zain KSA, added 0.4% following a rise in quarterly net profit.

Separately, the kingdom's investment minister said on Tuesday the number of companies in the kingdom with a regional headquarters had reached 540, ahead of a 2030 target of 500.

In Abu Dhabi, the index (.FTFADGI), opens new tab closed 0.1% higher, supported by a 0.4% increase in diversified holding firm Borouge (BOROUGE.AD), opens new tab.

Dubai's main share index (.DFMGI), opens new tab advanced 1%, with toll operator Salik Co (SALIK.DU), opens new tab rising 1.3%, and Emirates Central Cooling Systems Corp (EMPOWER.DU), opens new tab putting on 1.8%.

Oil prices - a catalyst for the Gulf's financial markets - rose more than 1%, reversing some of the previous session's 6% tumble, as a U.S. plan to buy oil for the Strategic Petroleum Reserve (SPR) provided some support, though wider concerns about weaker future demand growth exerted pressure.

The Qatari index (.QSI), opens new tab gained 0.8%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab climbing 1.1%, while petrochemical maker Industries Qatar (IQCD.QA), opens new tab rose 0.7% ahead of its earnings announcement.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 0.5%, hit by a 1.1% fall in Commercial International Bank (COMI.CA), opens new tab.

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