Most Gulf markets gain ahead of earnings
- Iran and the US are expected to restart nuclear talks on Friday in Turkiye
Most major Gulf stock markets edged higher in early Tuesday trading as investors shifted their attention to corporate earnings, while also weighing US-Iran tensions.
Iran and the US are expected to restart nuclear talks on Friday in Turkiye, officials from both sides told Reuters on Monday.
Trump also warned that with large US warships moving toward Iran, “bad things could happen” if the sides fail to reach a deal.
Saudi Arabia’s benchmark index gained 0.2%, helped by a 1.9% rise in ACWA Power and 0.6% increase in Saudi Arabian Mining Company.
The kingdom’s economy grew 4.9% year-on-year in the fourth quarter, according to government estimates, bolstered by strong growth in non-oil activities and increased oil production.
Oil related growth surged in the quarter, up 10.4% as output ramped up in the latter half of the year. Dubai’s main share index added 0.4%, with toll operator Salik Company rising 1.4%.
In Abu Dhabi, the index advanced 0.8%, with ADNOC Distribution putting on 1%, following a sharp rise in fourth-quarter net profit.
The Qatari index eased 0.1%, with Qatar Islamic Bank losing 0.6%.
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