Gulf stock markets rise on strong earnings

Stock markets across the Gulf region opened higher on Monday, buoyed by positive corporate earnings reports, as reported by Reuters.

However, investor optimism remained cautious as they awaited the upcoming US Federal Reserve policy meeting later this week.

Saudi Arabia’s benchmark index, the TASI, surged by one per cent with all its constituents trading in positive territory. The rally was led by gains in materials, finance, and industry sectors.

Al Rajhi Bank, the world’s largest Islamic lender, jumped 1.8 per cent after reporting a six per cent increase in its quarterly net profit.

Qatar’s benchmark index also advanced by 0.5 per cent, supported by broad-based gains across nearly all sectors.

Qatar Islamic Bank and Qatar National Bank, the region’s largest lender, both climbed by 0.7 per cent.

Additionally, Qatar Gas Transport rose 1.1 per cent following its announcement of a 6.1 per cent increase in quarterly net profit.

In Abu Dhabi, the benchmark index edged upwards by 0.2 per cent, fueled by a 0.7 per cent gain in conglomerate Alpha Dhabi Holding and a 3.1 per cent surge in blue-chip developer Aldar Properties, which reported an impressive 88 per cent rise in its quarterly net profit.

Dubai’s main stock index remained relatively flat. Tolls operator Salik Company managed a 1.2 per cent increase, while Emaar Properties saw a slight decline of 0.5 per cent.