Most Gulf bourses edge higher as stronger oil prices offset mixed earnings | Reuters

Most Gulf bourses edge higher as stronger oil prices offset mixed earnings | Reuters

Most Gulf equity markets eked out gains on Thursday as stronger oil prices lifted sentiment and offset a mixed batch of earnings reports.

Oil prices, a catalyst for the Gulf's financial markets, climbed 1.1% ahead of a meeting between U.S. President Donald Trump and Russian President Vladimir Putin in Alaska on Friday to discuss an end to the war in Ukraine.

Brent crude was trading at $66.4 a barrel by 1330 GMT.

Saudi Arabia's benchmark stock index (.TASI), opens new tab snapped a five session losing streak, rising 0.7% with most constituents higher on the day. Al Rajhi Bank (1120.SE), opens new tab rose 1.4% and Saudi Arabian Mining (1211.SE), opens new tab added 1.3%.

Arabian Plastic Industrial Company (9548.SE), opens new tab climbed 6.4% after the plastics maker reported a doubling in half-year net profit.

The Qatari benchmark index (.QSI), opens new tab inched up 0.1%, just stretching gains to a fourth day, with Doha Bank (DOBK.QA), opens new tab rising 3.9% and Qatar Navigation (QNNC.QA), opens new tab up 2.4%.

Dubai's benchmark index (.DFMGI), opens new tab also eked out a 0.1% gain after two sessions of losses, with most sectors in positive territory. Emirates NBD (ENBD.DU), opens new tab, the emirate's largest lender, added 0.6% and Salik Company (SALIK.DU), opens new tab rose 4.1%.

Toll operator Salik posted a 49.6% increase in second-quarter net profit on Wednesday, beating estimates, and declared a half-year dividend of 10.2781 fils, up 41% from a year earlier.

In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab fell 0.3%, extending a losing streak to a seventh session, the longest since February 2024.

ADNOC Gas (ADNOCGAS.AD), opens new tab dropped 1.5% and retail and real estate investor MAIR Group (MAIR.AD), opens new tab fell 2.2% after posting a 50.7% fall in second-quarter net profit.

"Abu Dhabi’s extended decline results from slower diversification, dependence on cyclical oil revenues, and diminished foreign investment since 2022, with an oversupply in real estate hampering growth," said Rania Gule, senior market analyst at XS.com – MENA.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was down 0.8%, pressured by a 2.8% drop in Qalaa Holdings (CCAP.CA), opens new tab and a 2.6% fall for Belton Financial Holding (BTFH.CA), opens new tab.

Telecom Egypt (ETEL.CA), opens new tab rose 0.4% after its second-quarter net profit more than doubled.