Most Gulf markets fall on weak earnings; Al Rajhi boosts #Saudi | Reuters

Most Gulf markets fall on weak earnings; Al Rajhi boosts Saudi | Reuters

Most Gulf stock markets ended lower on Wednesday as disappointing corporate earnings dampened investor sentiment, although the Saudi index rose on strong gains by Al Rajhi Bank.

Dubai's main share index (.DFMGI), opens new tab declined 0.9%, weighed down by a 9.3% plunge in top lender Emirates NBD (ENBD) (ENBD.DU), opens new tab, posting the index's biggest intraday fall in nearly five years.

ENBD reported fourth-quarter net profit of 4 billion dirhams ($1.09 billion), marginally lower than a year earlier. The lender also missed analysts' estimates.

The Abu Dhabi index (.FTFADGI), opens new tab lost 0.3%, with Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab retreating 3.5%, after the firm acquired a controlling stake of 73.73% in the National Corporation for Tourism and Hotels (NCTH) through a strategic investment.

As part of the deal, assets from ADHH and Murban Energy Limited were sold to NCTH in exchange for shares.

Saudi Arabia's benchmark index (.TASI), opens new tab, however, gained 0.2%, helped by a 4.7% jump in Al Rajhi Bank (1120.SE), opens new tab, after the lender reported an 18.7% surge in its net profit to 19.72 billion riyals ($5.26 billion) for 2024.

In a separate filing, Al Rajhi Bank - which saw its biggest intraday gain in about 4 months - also proposed a second-half cash dividend of 1.46 riyal per share, up from 1.15 riyal a year earlier.

Elsewhere, Saudi Telecom Company (7010.SE), opens new tab rose 1%, a day after the firm said it won a contract worth 32.64 billion riyals from a government entity to build, operate and provide telecommunications infrastructure services.

On the other hand, Saudi National Bank (1180.SE), opens new tab retreated 2.9%, after reporting a slightly higher annual profit.

In Qatar, the index (.QSI), opens new tab notched 0.1% higher, with petrochemical maker Industries Qatar (IQCD.QA), opens new tab rising 0.7%.

However, Qatar Gas Transport (Nakilat) (QGTS.QA), opens new tab fell 2.4%, on a lower annual dividend.

Nakilat - the world's largest shipper of liquefied natural gas - recorded a net profit of 1.64 billion riyals ($449.89 million), compared with 1.56 billion riyals a year ago.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab finished 0.8% higher, with Talaat Moustafa Holding (TMGH.CA), opens new tab rising 2.1%.

Egypt has completed a $2 billion international bond sale, the country's first dollar-denominated international bond issuance in four years.