Most Gulf markets higher on earnings, oil; FAB gains lift #AbuDhabi | Reuters

Most Gulf markets higher on earnings, oil; FAB gains lift Abu Dhabi | Reuters

Most Gulf stock markets ended higher on Wednesday, fueled by a slew of upbeat corporate earnings and rising oil prices, with Abu Dhabi’s benchmark topping its peers on First Abu Dhabi Bank’s contribution.

In Abu Dhabi, the index (.FTFADGI), opens new tab advanced 1.1%, boosted by a 5.1% jump in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB) (FAB.AD), opens new tab.

FAB - which saw its biggest intraday gain since late-June - reported a 21% rise in third-quarter net profit to 5.39 billion dirhams ($1.47 billion), above analysts' average estimate of 4.54 billion dirhams, according to data compiled by LSEG.

Elsewhere, Abu Dhabi Islamic Bank (ADIB.AD), opens new tab - whose trading was suspended ahead of its earnings announcement - was last up 4%.

Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.4%, driven by a 3.8% jump in oil behemoth Saudi Aramco (2222.SE), opens new tab, its biggest single-day gain since April 2023.

The energy sector saw positive movement, led by Aramco, supported by a rebound in oil prices, said Milad Azar Market analyst at XTB MENA.

"However, oil’s rebound could be short-lived, given the bearish fundamentals weighing on the overall outlook."

Oil prices - a catalyst for the Gulf's financial markets - pushed higher for a second day on Wednesday, rising by about 2%, buoyed by hopes for progress of a U.S. trade deal with China and India.

Among other gainers, telecoms firm Etihad Etisalat (7020.SE), opens new tab leapt 3.7%, after reporting a rise in third-quarter profit.

However, Sahara International Petrochemical Company (Sipchem) (2310.SE), opens new tab plunged 3.4%, as the firm turned to quarterly losses.

Dubai's main share index (.DFMGI), opens new tab concluded flat, with Emirates NBD (ENBD.DU), opens new tab rising 1.9%, as the top lender is slated to report its quarterly earnings.

The Qatari index (.QSI), opens new tab reversed early losses to close 0.3% higher.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab eased 0.3%, dragged down by a 7% slide in Abu Qir Fertilizers (ABUK.CA), opens new tab as the chemical firm traded ex-dividend.