DUBAI: Most stock markets in the Gulf ended higher on Sunday, amid rising oil prices, while the Saudi index slid after some weak corporate earnings.
Oil prices, a catalyst for the Gulf’s financial markets, rose on Friday on stronger Chinese economic data and the ongoing Middle East conflict, with Brent settling at $84.24 a barrel.
The Qatari benchmark index was up 0.1%, supported by a gain of 0.7% in Industries Qatar and a 0.8% rise in Qatar Islamic Bank.
Saudi Arabia’s benchmark index slipped for a second straight session and ended 0.6% lower, weighed down by losses in almost all sectors.
ACWA slid 4.7%, after the private utility firm reported on Thursday a 54% decrease in its first quarter net profit sequentially. However, its quarterly profit inched up 9.8% year on year.
Among other fallers, Mobile Telecommunication Company Saudi Arabia known as Zain KSA, fell 1.5% after it posted a 94.1% decline in its quarterly net profit.
Outside the Gulf, Egypt’s blue-chip index dropped 3.3%, with most of its constituents posting losses, led by real estate, materials and healthcare stocks.
Talaat Mostafa Group slipped 6.3% and Abu Qir Fertilizers lost 5.2%. However, Abu Dhabi Islamic Bank Egypt gained 2.4% after it reported 110% surge in its quarterly net profit.
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