Most Gulf stock markets ended higher on Wednesday, fueled by a slew of upbeat corporate earnings and rising oil prices, with Abu Dhabi’s benchmark topping its peers on First Abu Dhabi Bank’s contribution.
In Abu Dhabi, the index advanced 1.1%, boosted by a 5.1% jump in the United Arab Emirates’ biggest lender First Abu Dhabi Bank (FAB) .
FAB - which saw its biggest intraday gain since late-June - reported a 21% rise in third-quarter net profit to 5.39 billion dirhams ($1.47 billion), above analysts’ average estimate of 4.54 billion dirhams, according to data compiled by LSEG.
Elsewhere, Abu Dhabi Islamic Bank - whose trading was suspended ahead of its earnings announcement - was last up 4%.
Saudi Arabia’s benchmark index rose 0.4%, driven by a 3.8% jump in oil behemoth Saudi Aramco its biggest single-day gain since April 2023.
The energy sector saw positive movement, led by Aramco, supported by a rebound in oil prices, said Milad Azar Market analyst at XTB MENA.
“However, oil’s rebound could be short-lived, given the bearish fundamentals weighing on the overall outlook.”
Oil prices - a catalyst for the Gulf’s financial markets - pushed higher for a second day on Wednesday, rising by about 2%, buoyed by hopes for progress of a U.S. trade deal with China and India.
Among other gainers, telecoms firm Etihad Etisalat leapt 3.7%, after reporting a rise in third-quarter profit.
Most Gulf markets gain as investors eye earnings; Saudi bourse slips on banks
However, Sahara International Petrochemical Company (Sipchem) plunged 3.4%, as the firm turned to quarterly losses.
Dubai’s main share index concluded flat, with Emirates NBD rising 1.9%, as the top lender is slated to report its quarterly earnings.
The Qatari index reversed early losses to close 0.3% higher.
Outside the Gulf, Egypt’s blue-chip index eased 0.3%, dragged down by a 7% slide in Abu Qir Fertilizers as the chemical firm traded ex-dividend.
-------------------------------------- Saudi Arabia rose 0.4% to 11,586 Abu Dhabi rose 1.1% to 10,228 Dubai was flat at 5,974 Qatar added 0.3% to 10,850 Egypt fell 0.3% to 37,577 Bahrain was up 0.7% to 1,983 Oman finished flat at 9,445 --------------------------------------
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