Most major Gulf markets gain in early trade; Abu Dhabi dips

Most major stock markets in the Gulf traded higher on Wednesday, extending gains from the previous day, with Saudi Arabia on track to extend gains for fifth consecutive session.

Saudi Arabia's benchmark index rose 0.5%, boosted by a 3.9% jump in National Commercial Bank (NCB) after it reported higher-than-expected full year profit.

NCB, the kingdom's biggest lender, posted a net profit of 11.44 billion riyals ($3.05 billion) in the year that ended on Dec. 31, compared to 11.40 billion riyals in the same period a year earlier.

Analysts had projected the bank will post a net profit of 10.25 billion riyals, an average forecast of 10 analysts' estimates available in Refinitiv data showed.

In Dubai, the index edged up 0.1%, with Emirates NBD Bank rising 0.4%, while blue-chip developer Emaar Properties added 0.5%.

The emirate's non-oil private sector expanded for the second consecutive month in January, although at a marginal pace that was a fraction slower than the previous month as business activity and new orders softened.

The sector expanded in only six months of last year as the COVID-19 pandemic pummelled the economy of the Middle East's tourism and commerce hub.

The Abu Dhabi index eased 0.1%, hit by a 0.5% fall in the country's largest lender First Abu Dhabi Bank.

Qatar's benchmark rebounded 0.7%, driven by a 2.5% rise in petrochemical firm Industries Qatar.