Most Gulf bourses gain on upbeat earnings

Most Gulf stock markets reversed early losses to close higher on Thursday as investors shifted focus to earnings, brushing aside concerns over U.S.-Iran tensions.

Saudi Arabia’s benchmark index advanced 0.8%, with petrochemical maker Saudi Basic Industries Corp gaining 2.7%.

Fourth-quarter earnings have been broadly upbeat, indicating the market could regain its earlier upward momentum once conditions stabilize, said Milad Azar, market analyst at XTB MENA.

“Additionally, any reduction in the regional geopolitical tensions that have recently weighed on sentiment could further aid a recovery.”

U.S. President Donald Trump met Israeli Prime Minister Benjamin Netanyahu on Wednesday and later said they had not reached any “definitive” agreement regarding Iran, but emphasised that negotiations with Tehran would continue.

It came a day after Trump said he was considering deploying a second aircraft carrier to the Middle East if no deal is reached with Iran.

Dubai’s main share index added 0.4%, with top lender Emirates NBD rising 2.5%.

Blue-chip developer Emaar Properties , however, fell 0.6%. After market hours, Emaar reported an annual net profit of 17.60 billion dirhams ($4.79 billion), up from 13.51 billion dirhams a year earlier.

In Abu Dhabi, the index rose 0.3%, led by a 5.5% jump in Aldar Properties — its biggest intraday gain since June.

Last week, the Abu Dhabi developer reported a fourth-quarter net profit of 2.9 billion dirhams ($789.59 million), up 49% year-on-year.

The Qatari index edged 0.1% higher, with Qatar Islamic Bank rising 1%.

However, petrochemical maker Industries Qatar retreated 2.2%, to be the top loser, following an annual profit drop.

Elsewhere, Qatar Gas Transport fell 1%, as the firm traded ex-dividend.

Outside the Gulf, Egypt’s blue-chip index climbed 1.6%, led by a 2.9% increase in Commercial International Bank .