Sunday saw most stock markets in the Gulf closing higher, buoyed by increasing oil prices, though the Saudi index took a hit due to weak corporate earnings.
Oil prices, a pivotal factor for Gulf financial markets, experienced an uptick on Friday, fueled by robust Chinese economic indicators and the persistent tensions in the Middle East. Brent settled at $84.24 a barrel.
The Qatari benchmark index (.QSI) edged up by 0.1%, with Industries Qatar (IQCD.QA) contributing to a 0.7% gain and Qatar Islamic Bank (QISB.QA) adding 0.8%.
Conversely, Saudi Arabia’s benchmark index (.TASI) slipped for the second consecutive session, closing 0.6% lower, as losses pervaded almost all sectors.
ACWA (2082.SE) witnessed a significant decline of 4.7% following a 54% drop in its first-quarter net profit, albeit showing a 9.8% year-on-year increase.
Other notable decliners included Mobile Telecommunication Company Saudi Arabia (7030.SE), known as Zain KSA, which saw a 1.5% decrease after reporting a staggering 94.1% decline in quarterly net profit.
Beyond the Gulf, Egypt’s blue-chip index (.EGX30) experienced a notable 3.3% drop, with major constituents in real estate, materials, and healthcare sectors registering losses.
Talaat Mostafa Group (TMGH.CA) slipped by 6.3%, while Abu Qir Fertilizers (ABUK.CA) lost 5.2%. However, Abu Dhabi Islamic Bank Egypt (ADIB.CA) saw a 2.4% gain following a remarkable 110% surge in quarterly net profit.
