DUBAI: Most Gulf stock markets ended lower on Wednesday as disappointing corporate earnings dampened investor sentiment, although the Saudi index rose on strong gains by Al Rajhi Bank.
Dubai’s main share index declined 0.9%, weighed down by a 9.3% plunge in top lender Emirates NBD (ENBD) , posting the index’s biggest intraday fall in nearly five years.
ENBD reported fourth-quarter net profit of 4 billion dirhams ($1.09 billion), marginally lower than a year earlier. The lender also missed analysts’ estimates.
The Abu Dhabi index lost 0.3%, with Alpha Dhabi Holding retreating 3.5%, after the firm acquired a controlling stake of 73.73% in the National Corporation for Tourism and Hotels (NCTH) through a strategic investment.
As part of the deal, assets from ADHH and Murban Energy Limited were sold to NCTH in exchange for shares.
Saudi Arabia’s benchmark index, however, gained 0.2%, helped by a 4.7% jump in Al Rajhi Bank, after the lender reported an 18.7% surge in its net profit to 19.72 billion riyals ($5.26 billion) for 2024.
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