Major Gulf markets edge higher on corporate earnings

Major stock markets in the Gulf inched up in early trade on Thursday as investors shifted focus to corporate earnings, while geopolitical tensions limited gains.

Saudi Arabia’s benchmark index was up 0.1%, helped by a 1% rise in the country’s biggest lender Saudi National Bank and a 0.8% increase in Banque Saudi Fransi (BSF).

BSF reported quarterly net profit 1.15 billion riyals ($306.6 million), compared to 1.08 billion riyals year ago.

Separately, Saudi Arabia’s Fakeeh Care Group, one of the kingdom’s largest private hospital groups, said on Wednesday it planned to proceed with an initial public offering (IPO) through the sale of a 21.47% stake in existing and new shares.

Dubai’s main share index gained 0.2%, led by a 1.9% rise in Emirates NBD Bank after the lender reported betterthan-expected first-quarter results.

Major Gulf markets gain as geopolitical concerns ease

NBD reported net profit of 6.7 billion dirhams ($1.82 billion) for the first three months of the year, compared to 6 billion dirhams last year, outperforming analysts’ estimate of 4.5 billion dirhams as per LSEG data.

In Abu Dhabi, the index was flat in choppy trade.

Most Gulf bourses were in red in recent sessions, amid simmering tension between Israel and Iran, and as Israel intensified its assault on Gaza.

The Qatari benchmark was up 0.4%, with Qatar Islamic Bank advancing 1.6%.

Dairy firm Baladna - which is not part of the index jumped more than 3% after signing a $3.5 billion contract to build a powdered milk farm in the country’s southern region of Adrar. The company also reported a sharp rise in firstquarter earnings.

Iran said on Friday that it had no plan to retaliate following an apparent Israeli drone attack within its borders, which in turn followed an Iranian missile and drone attack on Israel days before.

Saudi Arabia’s benchmark index gained 0.6%, with

Saudi Aramco advancing 0.5%, after the oil giant said it is in talks to acquire a 10% stake in China’s Hengli Petrochemical.

The deal would further bolster Aramco’s growing downstream presence in China.

Dubai’s main share index rose 0.5%, led by a 1% gain in blue-chip developer Emaar Properties.

Meanwhile, banks and finance companies in the United Arab Emirates may defer personal and car loan installments for six months to help deal with the repercussions of last week’s storm, the UAE central bank said on Monday.

The UAE last week suffered the heaviest rains in 75 years, causing widespread flooding which trapped residents in traffic, offices and homes and left many people counting the costs of damage to vehicles and property.

Oil prices - a catalyst for the Gulf’s financial market edged higher, after falling in the previous session, as investors continued to assess the risk from geopolitical concerns in the Middle East.

The Qatari benchmark added 0.5%, on track to snap three sessions of losses, with the Gulf’s biggest lender Qatar National Bank rising 1.1%.

Explosions echoed over an Iranian city on Friday in what sources said was an Israeli attack, but Tehran played down the incident and indicated it had no plans for retaliation – a response that appeared gauged towards averting region-wide war.

Iran’s Supreme Leader Ali Khamenei thanked the country’s armed forces for their attack on Israel, saying the country had demonstrated its power regardless of how many targets were hit, Iran’s official news agency reported on Sunday.

Saudi Arabia’s benchmark index gained 0.2%, helped by a 2% rise in Dr Sulaiman Al Habib Medical Services.

Among other gainers, Saudi Telecom Company (STC) added 0.4% after the kingdom’s sovereign wealth fund PIF agreed to acquire a 51% stake in Telecommunication Towers Company Limited from STC Group.

The Qatari benchmark rose 0.3%, with Qatar Gas Transport gaining 0.5%.