Middle East equities up ahead of earnings, #Dubai pulls back from 17-year high | Reuters

Middle East equities up ahead of earnings, Dubai pulls back from 17-year high | Reuters

Middle East stock markets gained on Thursday as anticipation of strong blue-chip earnings offset signals that U.S. interest rates may remain high, while profit-taking dragged the Dubai index down from a 17-1/2 year high.

The Federal Reserve's lack of clear guidance on when it might lower borrowing costs hampered investor sentiment in a region where monetary policy typically mirrors the U.S. due to currency pegs.

Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.1%, driven by investor enthusiasm ahead of major earnings announcements from chemical company SABIC (2010.SE), opens new tab and oil giant Aramco (2222.SE), opens new tab due early next week.

Aramco rose 0.3%, while Bupa Arabia for Cooperative Insurance (8210.SE), opens new tab jumped 4.3% after appointing a chairman.

Elsewhere, Saudi National Bank (1180.SE), opens new tab, the kingdom's biggest lender by assets, advanced 1.5% as investors bought stock to qualify for dividends ahead of the August 3 eligibility date.

Dubai's main share index (.DFMGI), opens new tab retreated 0.8%, snapping six straight sessions of gains as investors locked in profits following a nearly two-decade high in multiple sessions.

All sectors closed in the red, led by a 1.3% decline in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.

The Abu Dhabi index (.FTFADGI), opens new tab added 0.2%, lifted by selective buying amid a mixed earnings season.

Top lender First Abu Dhabi Bank (FAB.AD), opens new tab advanced 1.7%.
Qatar's stock index (.QSI), opens new tab rose 1% to 11,262 riyals, a level last seen over two and a half years ago.

Qatar Islamic Bank (QISB.QA), opens new tab led the rally, gaining over 3%. Brokerage HSBC lifted its price target to 29.4 riyals from 25.4 riyals.

Qatar's Ooredoo (ORDS.QA), opens new tab surged 5.2%, touching a nearly 11-year peak after the telecom giant posted upbeat second-quarter earnings and held full-year outlook steady.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab jumped 1% to hit a fresh record high, led by a 1.5% gain in Talaat Moustafa Group Holding (TMGH.CA), opens new tab.