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Middle East Stocks: Most Major Gulf Markets Gain As Financial Stocks Rise

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Most of the major Gulf stock markets rose early in Thursday, led by financial stocks, while the Qatari index reversed the downward trend.

Saudi Arabia’s benchmark added 0.1%, helped by a 0.3% gain in Al Rajhi Bank and a 0.7% rise in Saudi National Bank.

In Abu Dhabi, the index rose 0.6%, with UAE’s largest lender First Abu Dhabi Bank (FAB) up 0.4% after posting an increase in second quarter net profit .

The National Bank of Ras Al Khaimah jumped 4.3%. The lender also saw its quarterly net profit increase on Tuesday.

Dubai’s main stock index edged up 0.1%, supported by a 1.1% gain from sharia-compliant lender Dubai Islamic Bank and a 0.8% increase from Emirates NBD Bank.

Elsewhere, leading developer Emaar Properties added 0.5%.

Residential property prices in Dubai rose in April-June for a second consecutive quarter as demand accelerated after the pandemic, consulting firm Knight Frank said on Tuesday, although average prices are still lower 26% at the last market peak six years ago.

The Qatari benchmark fell 0.3%, hit by a 1.6% drop in Commercial Bank, a day after finishing up more than 3%.

The lender on Wednesday recommended a shareholders meeting to increase the foreign ownership limit to 100%.

Among other losers, telecommunications company Ooredoo fell about 1% after posting a net loss of 1.15 billion riyals ($ 315.93 million) for the second quarter, compared to a profit of 432 million. riyals a year ago.

($ 1 = 3,6400 Qatari rials)

(Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))


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