MIDEAST - STOCKS-Major Gulf stock exchanges gain from earnings and oil
Investors focused on rising oil prices and corporate earnings as they boosted the major Gulf stock exchanges in the early trading on Wednesday.
Saudi Arabia's benchmark stock index rose?0.4%. Oil major Saudi Aramco gained?1.2%. Alinma Bank gained 2.6% after a dramatic increase in net profit.
In a separate filing to the bourse, the bank proposed a capital raise through bonus shares. It would grant one bonus share per five shares held. Crude oil prices, a major catalyst for Gulf financial markets, rose further on Wednesday. Supply concerns persisted after a winterstorm disrupted U.S. crude output and exports. Middle East tensions also contributed to the rise.
Dubai's main stock index rose?0.7% with Emaar Properties, a blue-chip developer, rising 1.3%.
Dubai Financial Market, which is the operator of the bourse, will report its earnings at a later time. Dubai Media Office announced on Tuesday that Dubai's International Financial Centre, a special economic area in Dubai, is slated for a multi-billion-dollar expansion.
ADNOC Gas grew 1.4% in Abu Dhabi. Fatema Al Nuaimi, CEO of the energy company, said that it will invest over $20 'billion in order to increase its processing capacity for gas by nearly 30% by 2029. First Abu Dhabi Bank, the UAE’s largest lender, eased 0.3% following a lower-than-expected fourth quarter net profit.
The Qatari Index gained 0.6%. This was led by an increase of 1.1% in the petrochemical manufacturer Industries Qatar. Mesaieed Petrochemical gained 0.8% before its earnings announcement. (Reporting by Ateeq Shariff in Bengaluru; Editing by Harikrishnan Nair)
(source: Reuters)
