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MIDEAST STOCKS-Dubai leads most Gulf markets higher

Credit: REUTERS/CHRISTOPHER PIKE

By Md Manzer Hussain

Jan 24 (Reuters) - Stock markets in the Gulf were up on Wednesday in early trade amid rising oil prices and robust corporate earnings, with the Dubai index outperforming its peers.

Oil prices, a catalyst for the Gulf's financial markets, rose slightly after a modest fall earlier in the session as traders weighed the impact on prices stemming from escalating geopolitical tensions and concerns over tepid demand.

Dubai's benchmark stock index .DFMGI surged 1.2%, the highest rise in nearly three months, with all sectors in positive territory.

The index was lifted by a record surge in Dubai Islamic Bank DISB.DU which jumped 7.9% in early trade, the sharpest rise since June 2020.

The biggest Islamic lender in the United Arab Emirates, reported on Tuesday a 24% increase in full-year attributable net profit to 6.80 billion dirhams ($1.85 billion), up from 5.47 billion ($1.49 billion) a year earlier.

Saudi Arabia's benchmark stock index .TASI was up 0.6%, supported by a gain of 1% in Al Rajhi Bank 1120.SE and a 1.4% rise in Elm Co 7203.SE.

In Abu Dhabi, the benchmark stock index .FTFADGI advanced 0.3%, with UAE's largest lender First Abu Dhabi Bank FAB.AD gaining 1.8% and Abu Dhabi Islamic Bank ADIB.AD climbing 2.5%.

ADIB reported on Tuesday a 28% increase in fourth-quarter net profit to 1.5 billion dirhams ($408.45 million), up from 1.17 billion a year earlier.

The Qatari benchmark index .QSI inched up 0.1%, aided by a gain of 0.9% in Qatar National Bank QNBK.QA and 1.2% rise in Qatar International Islamic Bank QIIB.QA.

($1 = 3.6724 UAE dirham)

(Reporting by Md Manzer Hussain; Editing by Sohini Goswami)

((MdManzer.Hussain@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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