Stock markets in the Gulf ended mixed on Thursday ahead of more corporate earnings, with the Dubai index ending four sessions of losses.
Saudi Arabia’s benchmark index fell 0.2%, with Al Rajhi Bank losing 1.4%.
In the previous session, the lender advanced 4.7%, after Al Rajhi reported an 18.7% surge in its net profit to 19.72 billion riyals ($5.26 billion) for 2024. The bank proposed a second-half cash dividend of 1.46 riyal per share, up from 1.15 riyal a year earlier.
Alinma Bank dropped 2.3% despite reporting a higher annual profit.
Dubai’s main share index added 0.5%, led by a 2.3% leap in blue-chip developer Emaar Properties.
Among other gainers, Dubai Financial Market gained 1.3%, ahead of its results.
In Abu Dhabi, the index added 0.2%, with Abu Dhabi Commercial Bank (ADCB) climbing 3.7%, rising for a third consecutive session.
On Monday, ADCB reported a higher fourth-quarter net profit of 2.57 billion dirhams ($699.78 million), along with an annual dividend of 0.59 dirhams.
Major Gulf markets fall on weak earnings; Al Rajhi Bank lifts Saudi index
Additionally, the bank projected a doubling of net profits to 20 billion dirhams within five years.
In Qatar, the index eased 0.1%, hit by a 0.6% fall in Qatar National Bank and a 1.9% slide in Qatar Gast Transport (Nakilat).
Nakilat - the world’s largest shipper of liquefied natural gas - on Wednesday retreated 2.4% after proposing a lower annual dividend.
However, the firm recorded a net profit of 1.64 billion riyals ($449.89 million), compared with 1.56 billion riyals a year ago.
On the other hand, Mesaieed Petrochemical Holding Co rose 1.9% ahead of the firm reporting its 2024 results.
Outside the Gulf, Egypt’s blue-chip index gained 0.4%, with Talaat Moustafa Holding gaining 0.9%.
--------------------------------------- SAUDI ARABIA lost 0.2% to 12,415 Abu Dhabi added 0.5% to 5,155 Dubai rose 0.2% to 9,584 QATAR eased 0.1% to 10,667 EGYPT gained 0.4% to 30,011 BAHRAIN was up 0.3% to 1,879 OMAN down 0.5% to 4,543 ---------------------------------------
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