Most major stock markets in the Gulf rose in early trade on Thursday, supported by corporate earnings and rising oil prices, although the Saudi index bucked the trend to trade lower.
Dubai’s main share index added 0.1%, with top lender Emirates NBD gaining 1.2% after reporting a 78% surge in second-quarter profit.
The bank reported a net profit of 6.2 billion dirhams ($1.69 billion) on higher margins, an improved deposit and loan mix, and substantial recoveries.
In Abu Dhabi, the index was up 0.1%. Oil prices - a key catalyst for the Gulf’s financial markets - climbed 1%, recouping losses from the previous session, as tight supply and expectations of stronger Chinese demand overrode concerns about an economic slowdown.
Most Gulf markets gain on corporate earnings
Separately, the central bank of the United Arab Emirates raised the base rate on its overnight deposit facility by 25 basis points to 5.40%, effective Thursday.
The Qatari benchmark climbed 0.4%, led by a 3% rise in petrochemical maker Industries Qatar.
However, Saudi Arabia’s benchmark index eased 0.2%, weighed down by a 1.9% fall in Dr Sulaiman Al-Habib Medical Services and a 0.8% decrease in Al Rajhi Bank.
On the flip side, Saudi Investment Bank advanced more than 3% to a six-month high following a steep rise in quarterly profit.
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