Major Gulf markets gain ahead of earnings; regional conflict, oil limit gains

Major stock markets in the Gulf rose in early trade on Wednesday as investors braced for third-quarter earnings, although regional conflict and softening oil prices limited gains.

Saudi Arabia’s benchmark index gained 0.3%, with aluminium products manufacturer Al Taiseer Group rising 0.6% and Al Rajhi Bank adding 0.7%.

Among other gainers, Arabian Internet And Communications Services advanced 1.6% after the firm signed a 309.7 million riyals ($82.49 million) contract with Saudi Telecom Company (STC).

Most Gulf markets gain ahead of earnings

STC shares eased 0.2%.

Oil prices were steady after steep declines in the previous session as investors contend with uncertainty around war in the Middle East and what it means for global supply.

Dubai’s main share index added 0.3%, with blue-chip developer Emaar Properties and toll operator Salik each gaining 0.7%.

In Abu Dhabi, the index added 0.1%, helped by a 5.1% jump in Fertiglobe.

Fertiglobe - the largest producer of nitrogen fertilisers in the Middle East and North Africa - expects to more than double its net ammonia production capacity as it integrates ADNOC’s portfolio of low carbon ammonia projects following the energy giant’s purchase of a majority stake in the fertiliser maker on Tuesday.

The Qatari benchmark index rose 0.3%, with Qatar Islamic Bank increasing 0.9%.

Qatar will hold a rare referendum for citizens to vote on a set of constitutional amendments, including a proposal that would abandon an effort to introduce elections, its emir said on Tuesday.