Most stock markets in the Gulf were up in early trade on Wednesday, led by the Saudi index on strong corporate earnings, while falling oil prices weighed on investor sentiment.
Saudi Arabia’s benchmark stock index rose 0.5%, with most of the constituents posting gains, led by utilities, industry and IT stocks.
ACWA Power surged 9.9% and Saudi Telecom climbed 1.7%, after the kingdom’s largest telecom operator reported an increase of 6% in quarterly net profit.
Dubai’s benchmark stock index was up 0.4%, lifted by gains in most sectors, with blue-chip developer Emaar Properties adding 0.6% and Dubai Islamic Bank rising 1.1%.
The Qatari benchmark index edged up 0.2%, helped by a 1.5% gain in Qatar National Bank, the region’s largest lender and a 1.2% rise in Qatar Islamic Bank.
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In Abu Dhabi, the benchmark stock index was little changed, with Abu Dhabi National Energy dropping 1.4% and National Bank Of Ras Al Khaimah sliding 4.8%.
Oil prices, a catalyst for the Gulf’s financial markets, dropped more than 1% on rising US stockpiles and cautious supply expectations with Brent trading at $82.3 a barrel by 0806 GMT.
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