Gulf markets end mixed ahead of US inflation data | Reuters

Gulf markets end mixed ahead of US inflation data | Reuters

Most stock markets in the Gulf put in a mixed performance on Monday amid rising oil prices, while investors awaited U.S. inflation data to gauge the Federal Reserve's policy path for the rest of the year.

Oil prices, a catalyst for the Gulf's financial markets, were up 0.6% with Brent settling at $83.3 a barrel by 1300 GMT.

Saudi Arabia's benchmark stock index (.TASI), opens new tab bounced back after two straight sessions of losses and rose 0.4%, supported by a 5.7% increase in ACWA Power (2082.SE), opens new tab and a 0.6% gain in Saudi National Bank(1180.SE), opens new tab, the kingdom's largest lender.

Among other gainers, Riyadh Cables Group (4142.SE), opens new tab climbed 5% after the cable maker posted a 35.3% rise in its quarterly net profit.

The Qatari benchmark index (.QSI), opens new tab was up for a fourth consecutive session and ended 0.3% higher, lifted by gains in industry, finance and materials sectors.

Qatar Islamic Bank (QISB.QA), opens new tab advanced 1.4% and Industries Qatar(IQCD.QA), opens new tab gained 0.8%, while Qatar National Bank(QNBK.QA), opens new tab, the region's largest lender, added 0.3%.

In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab was little changed with conglomerate Alpha Dhabi (ALPHADHABI.AD), opens new tab dropping 1.3% and ADNOC Drilling (ADNOCDRILL.AD), opens new tab adding 4.3%.

ADNOC Drilling, the energy giant ADNOC's drilling unit, reported a 26% rise in its first quarter net profit and announced a new dividend policy to increase payout by at least 10% annually for five years.

Dubai's benchmark index (.DFMGI), opens new tab ended flat with Emirates Central Cooling Systems (EMPOWER.DU), opens new tab and Ajman Bank (AJBNK.DU), opens new tab sliding 4.4% and 4.1%, respectively. However, the blue-chip developer Emaar Properties (EMAR.DU), opens new tab rose 1.5% and Aramex (ARMX.DU), opens new tab climbed 3.6%.

The logistics firm Aramex on Friday reported a 95% increase in quarterly net profit.

The crucial U.S. core consumer price index is due on Wednesday, with hotter-than-expected data ruling out any rate-cut hopes from the Fed.

Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up 0.9%, aided by gains in materials, industry, real estate and finance sectors, with Talaat Mostafa Group (TMGH.CA), opens new tab rising 3.2% and Commercial International Bank (COMI.CA), opens new tab advancing 2%.

COMI, Egypt's biggest private lender, posted a 97% surge in its first-quarter net income.

#Dubai's Emirates airline posts record full-year profit | Reuters

Dubai's Emirates airline posts record full-year profit | Reuters

Dubai's Emirates airline on Monday reported full-year profit up more than 60% at 17.23 billion dirhams ($4.69 billion), comfortably beating the previous year's 10.6 billion dirhams.

The airline carried 51.9 million passengers in the year to March 31, with seat capacity up 21.4%.

"The business outlook is positive, with projections of strong, sustained demand for international air transport and travel," Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum said in a statement.

"As always, we will keep a close watch on costs and external factors such as oil prices, currency fluctuations and volatile environments."

The state-owned airline will pay its staff a bonus equivalent to 20 weeks' salary, according to an internal staff email seen by Reuters.

Parent Emirates Group also reported record annual profit, up 71% at 18.7 billion dirhams, and said it would pay its owner, Dubai's sovereign wealth fund, a dividend of 4 billion dirhams.

#Dubai’s Drake & Scull International closes subscription

Dubai’s Drake & Scull International closes subscription

Dubai-based contractor Drake & Scull International (DSI) has closed the subscription for new capital, with proceeds exceeding 450 million UAE dirhams ($122.5 million), allowing the company to cover the minimum amount of targeted capital, a statement read.

The subscription process, for the period of April 25 and May 10 at a discounted rate of 25 fils per share, exceeded one and a half times the minimum required to complete the restructuring process, it said.

DSI stated the capital increase will finance new projects and potential acquisitions. Additionally, the company said it intends to use the net proceeds to enhance working capital and capital expenditures and support operations.

DSI’s new capital will amount to AED 2.88 billion, distributed over 2.88 billion shares. The company’s shares will resume trading on the Dubai Financial Market within the next few days after completing the procedures required by the regulatory and supervisory authorities.

Engineer Shafiq Abdelhamid, Chairman of the Board of Drake & Scull International PJSC, said the success of the IPO will enable the company to regain its position in the markets of UAE, GCC and other regions around the world.

The subscription process took place through Emirates NBD and the Commercial Bank of Dubai in Abu Dhabi.

Mideast Stocks: Most Gulf bourses up in early trade

Mideast Stocks: Most Gulf bourses up in early trade

Most stock markets in the Gulf were up on Monday in early trading, amid steady oil prices, while investors awaited U.S. inflation data to gauge the Federal Reserve's policy path for the rest of this year.

Oil prices, a catalyst for the Gulf's financial markets, were steady with Brent inching up 0.1% at $82.87 a barrel by 0810 GMT.

In Abu Dhabi, the benchmark stock index was up 0.2%, with First Abu Dhabi Bank, the UAE's largest lender, rising 0.8% and ADNOC Drilling gaining 3.3%.

ADNOC Drilling, the energy giant ADNOC's drilling unit, reported a 26% rise in its first quarter net profit and announced a new dividend policy to increase payout by at least 10% annually for five years.

The Qatari benchmark index edged up 0.3%, helped by a 1% gain in Qatar Navigation and a 1.1% rise in Qatar Islamic Bank.

Dubai's benchmark stock index was little changed with Emirates NBD, the emirate's largest lender, sliding 0.9% while Aramex advanced 2.4%.

The logistics firm Aramex reported on Friday a 95% increase in quarterly net profit.

Saudi Arabia's benchmark stock index eased 0.3%, with most of the constituents posting losses, led by real estate, healthcare and finance stocks.

Alinma Bank fell 1.7% and Dr Sulaiman Al Habib Medical Services slipped 2%. ADES Holding however, rose 3.2% after the oil and gas driller reported a 124.6% increase in its first-quarter net profit.

The crucial U.S. core consumer price index is due on Wednesday, with hotter-than-expected data hurting rate-cut hopes.

Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.