By Md Manzer Hussain
(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 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 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 was up 0.6%, supported by a gain of 1% in Al Rajhi Bank and a 1.4% rise in Elm Co.
In Abu Dhabi, the benchmark stock index advanced 0.3%, with UAE’s largest lender First Abu Dhabi Bank gaining 1.8% and Abu Dhabi Islamic Bank 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 inched up 0.1%, aided by a gain of 0.9% in Qatar National Bank and 1.2% rise in Qatar International Islamic Bank.
($1 = 3.6724 UAE dirham)
(Reporting by Md Manzer Hussain; Editing by Sohini Goswami)
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