Most Gulf markets gain ahead of earnings

Most stock markets in the Gulf ended higher on Wednesday, as investors turned their attention to upcoming earnings despite lingering global trade and geopolitical concerns.

Saudi Arabia’s benchmark index gained 0.3%, with petrochemical maker Saudi Basic Industries rising 2.5%.

Oil prices rose as investors assessed a temporary shutdown at two large fields in Kazakhstan, expectations of a build in U.S. crude inventories and fresh concerns tied to U.S. tariff threats in its bid to gain control of Greenland.

Dubai’s main share index rose 0.4%, closing at its highest since April 2006, helped by a 1.5% rise in top lender Emirates NBD. India’s competition regulator said on Tuesday it had cleared ENBD’s acquisition of a stake in RBL Bank .

In Abu Dhabi, the index edged 0.1% higher.

Abu Dhabi sovereign wealth fund Mubadala is targeting opportunities in artificial intelligence and robotics, viewing the sectors as a major source of industrial growth and a guide for future investments, its group CEO said on Tuesday.

The Qatari index gave up early gains to finish flat.

Qatari Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani said on Tuesday Qatar intends to support local firms in competing internationally, indicating fresh measures in the country’s drive to diversify its economy beyond energy.

Outside the Gulf, Egypt’s blue-chip index gained 0.3%, hitting a record high.

Analysts have raised their estimates for Egypt’s economic growth to 4.9% this fiscal year as reforms taken under an International Monetary Fund programme two years ago bear fruit faster than anticipated, a Reuters poll showed on Tuesday.