Most Gulf markets gain on earnings and oil | Reuters

Most Gulf markets gain on earnings and oil | Reuters

Most stock markets in the Gulf ended higher on Thursday, helped by corporate earnings announcements and rising oil prices.

Dubai's main share index (.DFMGI), opens new tab gained 0.7%, led by a 2.8% rise in toll operator Salik (SALIK.DU), opens new tab and a 1.8% increase in Emirates NBD Bank (ENBD) (ENBD.DU), opens new tab.

ENBD, Dubai's biggest lender by assets, reported a 23% increase in third-quarter net profit to 6.4 billion dirham ($1.74 billion), beating analysts' expectations of 5.54 billion dirham, according to mean estimates compiled by LSEG.

Elsewhere, Emirates Central Cooling Systems Corporation (EMPOWER.DU), opens new tab advanced 1.9%, a day after the firm signed a contract to construct its second district cooling plant in Jumeirah village.

Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.2%, helped by a 8.2% surge in Tourism Enterprise Company (Shams) (4170.SE), opens new tab. On Sunday, Shams' shareholders approved amending the company's share par value to 10 riyals per share from 0.50 riyal.

Among other gainers, Electrical Industries Company (1303.SE), opens new tab leapt 4.5%, following a sharp rise in quarterly net profit.

Oil prices - a catalyst for the Gulf's financial markets - rose nearly 5% after the U.S. imposed sanctions on major Russian suppliers Rosneft (ROSN.MM), opens new tab and Lukoil (LKOH.MM), opens new tab over the war in Ukraine, extending gains from the previous session.

In Abu Dhabi, the index (.FTFADGI), opens new tab dropped 0.4%, weighed down by a 4.2% slide in Abu Dhabi Islamic Bank (ADIB.AD), opens new tab, despite reporting a rise in third-quarter profit.

The Qatari index (.QSI), opens new tab added 0.3%, with Commercial Bank (COMB.QA), opens new tab gaining 2.7%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab closed 0.3% higher, snapping two sessions of losses.

The EU economy commissioner, Valdis Dombrovskis, and Egypt's Planning Minister Rania Al-Mashat presented a memorandum of understanding for a second 4 billion euro ($4.66 billion) financing, the EU said on Wednesday.