Most Gulf stock markets rose on Wednesday, tracking firmer oil prices and upbeat corporate earnings, while investors assessed the potential market fallout from escalating Middle East tensions. Oil - a key driver for Gulf equities - climbed after reports of a drone attack, an incident involving a tanker in the Strait of Hormuz, and a sharp decline in U.S. crude inventories. Brent crude futures were up 0.2% at $67.46 a barrel by 1240 GMT.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab rose 0.7% to hit a more than 3-year high at 10,542, with most stocks advancing. ADNOC Gas (ADNOCGAS.AD), opens new tab added 1.3% and Abu Dhabi Islamic Bank (ADIB.AD), opens new tab gained 3.5%. NMDC Energy (NMDCENR.AD), opens new tab rose 2.3% after reporting a 14% increase in full-year net profit and a 14% rise in cash dividends.
Dubai's benchmark stock index (.DFMGI), opens new tab extended its rally to a third straight session and rose 0.7% to 6,662, a fresh record high since 2006.
Emirates NBD (ENBD.DU), opens new tab, the emirate's largest lender, rose 3.1%, while Tecom Group (TECOM.DU), opens new tab climbed 4.1% after the business-district operator posted a 70% jump in full-year profit.
Separately, the UAE's non-oil private sector recorded the fastest growth in new business in nearly two years in January, driven by a sharp rise in new orders, a survey showed on Wednesday.
Saudi Arabia's benchmark stock index (.TASI), opens new tab edged up 0.1%, aided by materials, utilities and finance. Saudi Arabian Mining Co (1211.SE), opens new tab gained 2.2%, and ACWA Power (2082.SE), opens new tab rose 1.4% after the company said it had signed an energy conversion and water purchase deal with a value of about $4.1 billion.
Al Majed For Oud (4165.SE), opens new tab surged 6% to 157 riyals per share, its highest level in nearly a year. The perfume maker reported a 38.6% rise in full-year net profit.
The Qatari benchmark index (.QSI), opens new tab slipped 0.3%, pressured by a 1.3% decline in Industries Qatar (IQCD.QA), opens new tab, while Gulf International Services (GISS.QA), opens new tab dropped 8.3% after reporting a 5% fall in full-year net profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab climbed 1.3% with all sectors in the green. Commercial International Bank (COMI.CA), opens new tab rose 2.6% while Talaat Moustafa Group (TMGH.CA), opens new tab added 2%.
Egypt's non-oil private sector output grew for the third consecutive month in January, marking the longest period of expansion since late 2020, S&P Global reported on Tuesday, but demand conditions eased.
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