DUBAI: Stock markets in the Gulf ended mixed on Thursday, following a slew of upbeat corporate earnings, while regional tensions and dampened hopes of early rate cuts by the US Federal Reserve weighed on sentiments.

Saudi Arabia’s benchmark index gained 0.4%, with Americana Restaurants International surging 9.8% — its biggest intraday gain since December 2022.

The fast-food restaurant operator in the Middle East and Kazakhstan declared a one-time special dividend alongside a regular annual payout.

Americana, primarily listed on Abu Dhabi bourse, reported full-year net profit attributable to shareholders of $259.5 million, little changed from 2022.

Separately, Saudi Arabia’s Modern Mills Company is seeking to raise up to 1.178 billion riyals ($314.12 million) from its planned initial public offering priced between 44 riyals and 48 riyals a share.