Most major Gulf stock markets rose in early trade on Thursday, led by financial stocks, while the Qatari index bucked the downtrend.
Saudi Arabia’s benchmark index gained 0.1%, helped by a 0.3% gain in Al Rajhi Bank and a 0.7% rise in Saudi National Bank.
However, Saudi Dairy and Foodstuff Co fell 2.6% after reporting a decline in quarterly net profit.
In Abu Dhabi, the index rose 0.6%, with First Abu Dhabi Bank (FAB), the UAE’s largest lender, rising 0.4% after posting an increase in net profit in the second trimester.
The National Bank of Ras Al Khaimah jumped 4.3%. The lender also saw an increase in its quarterly net profit on Tuesday.
Dubai’s main stock index edged up 0.1%, supported by a 1.1% gain from Shariah-compliant lender Dubai Islamic Bank and a 0.8% increase from Emirates NBD Bank.
Elsewhere, blue chip developer Emaar Properties added 0.5%.
Residential property prices in Dubai rose in April-June for a second consecutive quarter as demand picked up after the pandemic, consultancy Knight Frank said on Tuesday, although average prices were still 26 months lower. % 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 ending up more than 3%.
The lender recommended a shareholder meeting on Wednesday to raise 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) in the second quarter, compared to a profit of 432 million riyals. one year ago.
($1 = 3.6400 Qatari Riyals)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Uttaresh.V) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))