Most Gulf bourses gain on Sunday

Most major stock markets in the Gulf rose in early trade on Sunday, supported by a slew of corporate earnings, although Dubai bucked the trend to trade lower.

Saudi Arabia’s benchmark index (.TASI) edged up 0.1per cent, with Al Rajhi Bank (1120.SE) gaining 0.9per cent and Dr Sulaiman Al-Habib Medical Services (4013.SE) rising 3.1 per cent following an increase in its quarterly net profit.

However, the index’s gains were capped by losses at the kingdom’s biggest lender Saudi National Bank (1180.SE), which declined 1.9per cent.

The bank reported a higher second-quarter net profit, however, saw a decrease sequentially in earnings.

Oil behemoth Saudi Aramco (2222.SE) added 0.1per cent. Aramco reported a near four-fold rise in second-quarter net profit on Sunday, beating expectations and boosted by higher oil prices and a recovery in oil demand.

Aramco’s net profit rose to 95.47 billion riyals ($25.46 billion) for the quarter to June 30 from 24.62 billion riyals a year earlier.

In Abu Dhabi, the index (.ADI) advanced 1.1per cent, buoyed by a 4.6 per cent jump in conglomerate International Holding (IHC.AD) and a 0.4 per cent increase in top lender First Abu Dhabi Bank (FAB.AD).

The Qatari benchmark (.QSI) added 0.1per cent, with Qatar National Bank (QNBK.QA), the Gulf’s largest lender, rising 0.6 per cent and petrochemical firm Industries Qatar (IQCD.QA) was up 0.4per cent.

Elsewhere, Mesaieed Petrochemical (MPHC.QA) climbed 1.3per cent, after reporting a net profit of 909.4 million riyals ($248.61 million), up from 135.1 million riyals a year earlier.

Dubai’s main share index (.DFMGI) dropped 0.3per cent, hit by a 0.4 per cent fall in Emirates NBD Bank (ENBD.DU) and a 0.2 per cent decrease in Sharia-compliant lender Dubai Islamic Bank (DISB.DU).