Most Gulf markets gain on corporate earnings
Business
Most Gulf markets gain on corporate earnings
(Reuters) - Most stock markets in the Gulf ended higher on Wednesday largely on the back of corporate earnings, although the gains were limited ahead of the Federal Reserve meeting.
Saudi Arabia's benchmark index (.TASI) finished 0.2% higher in choppy trade, with Al Rajhi Bank (1120.SE) gaining 1.5%.
The Saudi stock market stabilized to a certain extent but remained on a positive trend overall, said Ahmed Negm, head of market research MENA at XS.com.
"While the main index could be impacted by the volatility in oil prices as well as the outcome of the Federal Reserve's meeting, strong local fundamentals could help keep the market on a positive course."
Oil prices slipped with investors cautious ahead of an expected Fed rate hike later in the day and a possible increase in U.S. crude supplies.
Dubai's main share index (.DFMGI) advanced 0.6%, led by a 14.9% jump in Gulf Navigation (GNAV.DU).
In Abu Dhabi, the index (.FTFADGI) gained 0.4%.
National Marine Dredging (NMDC.AD) closed 1.8% higher, after posting a sharp rise in second-quarter earnings.
The Qatari index (.QSI) climbed 2.2%, as most of its constituents were in the positive territory including Qatar International Islamic Bank (QIIB.QA), which was up 2.4%.
The Sharia-compliant lender reported a first-half net profit of 615.1 million riyals compared with 571.1 million riyals a year ago.
Elsewhere, Vodafone Qatar (VFQS.QA) increased 1.1% following a rise in first-half earnings.
Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 0.5%.
Trading on the Egyptian stock market remained dim with limited performance and narrow volumes. The main index could be exposed to the downside if trading conditions do not improve, said Negm.
