Most stock markets in the Gulf ended higher on Thursday as investors shifted focus to upcoming corporate earnings announcements and rising oil prices.
Saudi Arabia's benchmark index (.TASI), opens new tab inched up 0.1%, helped by a 0.7% rise in Al Rajhi Bank (1120.SE), opens new tab and a 1.3% increase in oil behemoth Saudi Aramco (2222.SE), opens new tab.
Elsewhere, Advanced Petrochemical (2330.SE), opens new tab climbed 2.7% on upbeat third-quarter earnings.
Dubai's main share index (.DFMGI), opens new tab gave up early gains to finish 0.2% lower, hit by a 3.2% slide in Dubai Electricity and Water Authority (DEWAA.DU), opens new tab as the utility firm traded ex-dividend.
However, the index's fall was cushioned by a 5% jump in top lender Emirates NBD (ENBD.DU), opens new tab. Earlier this week, Reuters reported that ENBD is in talks to buy a stake in Indian private lender RBL Bank (RATB.NS), opens new tab, via a preferential issue. The Reserve Bank of India, the country's banking regulator, has backed the proposal in informal discussions, Reuters reported.
On Wednesday, RBL Bank said it will consider a proposal to raise funds at its board meeting on October 18.
The next wave of earnings could be crucial in determining whether the Dubai market can sustain its recent rebound, especially given its solid fundamentals and growth projections for the year, said George Pavel, general manager at Naga.com Middle East.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.2%, with Multiply Group (MULTIPLY.AD), opens new tab surging 6.9% after the investment holding company's board approved a plan to acquire 2PointZero and Ghitha Holding (GHITHA.AD), opens new tab through a share swap.
Conglomerate International Holding Co (IHC.AD), opens new tab - which also owns Multiply Group - announced plans on Wednesday to merge several of its portfolio companies into a single investment holding company valued at 120 billion dirhams ($32.67 billion).
According to Pavel, the potential for continued gains could be capped by a prevailing bearish outlook for oil prices.
Oil prices - a catalyst for the Gulf's financial markets - were stable as market traders prepared for a potential halt to India's Russian oil imports, which could boost demand for supplies from elsewhere.
The Qatari index (.QSI), opens new tab advanced 1.5%, ending four sessions of losses, led by a 4% leap in Qatar Islamic Bank (QISB.QA), opens new tab. The Sharia-compliant lender is set to announce its third-quarter earnings on Wednesday.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab edged 0.1% higher, with tobacco monopoly Eastern Company (EAST.CA), opens new tab gaining 0.9%.
No comments:
Post a Comment