Most Gulf bourses gain on earnings, oil

Most Gulf stock markets closed higher on Wednesday as investors focused on corporate earnings and firmer oil prices, while the Egyptian stock exchange snapped a nine-day winning streak.

Saudi Arabia’s benchmark index gained 0.7%, with oil major Saudi Aramco up 1.5%, while Alinma Bank advanced 3.2% following a sharp rise in annual net profit.

In a separate bourse filing, the bank also proposed a capital increase through bonus shares, granting one bonus share for every five shares held.

Crude prices - a catalyst for the Gulf’s financial markets - hit their highest level since late September on Wednesday after a winter storm disrupted U.S. crude output while a weak U.S. dollar and continued Kazakh outages lent further support.

Aramco-led energy stocks lifted the market, though gains were limited by caution ahead of today’s U.S. Federal Reserve meeting, with attention on Chair Jerome Powell’s remarks, the 2026 easing outlook, and Fed independence, said Joseph Dahrieh, Managing Director at Tickmill.

“Nevertheless, the Saudi market appears poised for further gains, boosted by Q4 earnings, the potential opening of the market to foreign investors on February 1, and solid non-oil growth projections for the year.”

Dubai’s main share index advanced 0.8%, with blue-chip developer Emaar Properties rising 2.3%.

Among other gainers, Dubai Financial Market jumped 1.8%, as the bourse operator is slated to report its earnings later in the day.

In Abu Dhabi, the index added 0.4%, with ADNOC Gas up 1.4%.

The energy firm will invest more than $20 billion to increase its gas processing capacity by almost 30% by 2029, its CEO Fatema Al Nuaimi said on Tuesday.

Elsewhere, the UAE’s largest lender First Abu Dhabi Bank closed 0.7% higher, following a 22% increase in fourth-quarter net profit.

The Qatari index gained 0.8%, led by a 1.3% rise in petrochemical maker Industries Qatar . Mesaieed Petrochemical added 1.4% ahead of its earnings announcement.

Outside the Gulf, Egypt’s blue-chip index eased 0.1%, ending a nine-day winning streak.