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Jan 25 (Reuters) – Qatari shares rose for a fifth straight session on Wednesday, with strong earnings outperforming the Gulf region, while shares in Abu Dhabi closed lower.
Qatar Index (.QSI) Financials and materials sectors rose 0.5 percent.
Qatar Commercial Bank (Card.QA) Soared 10% on upbeat fiscal year earnings and a higher dividend.
The bank reported a more than 22 percent rise in annual net profit to 2.81 billion riyals ($771.98 million), beating analysts’ expectations for a 2.34 billion riyal profit. It also raised its annual cash dividend by 56% to 0.25 riyal per share compared to 2021.
benchmark index (.one) Saudi Arabia up 0.1%, helped by gains in Dr Sulaiman Al-Habib Medical Services, healthcare, financials and materials (4013.SE) Soaring 3% and Dallah Health (4004.SE) up 5.3%.
oil giant saudi aramco (2222.SE) Al Rajhi Bank, the world’s largest Islamic bank by market value, fell 0.3 percent, snapping a six-session winning streak. (1120.SE) rose 0.4%.
Crude oil prices were the main catalyst for Gulf financial markets, Stablize Brent crude was up 7 cents, or 0.1%, at $86.06 a barrel by 1227 GMT on Wednesday after falling 2.3% in the previous session.
Abu Dhabi stock market (.FTFADGI) First Abu Dhabi Bank, the country’s largest lender, fell 0.4 percent (FAB.AD) International Holdings fell 1.8 percent (IHC.AD) slipped 0.2%.
Emirati conglomerate IHC is considering a bid for Adani Enterprises, led by Indian billionaire Gautam Adani (Adel.NS) A follow-on share sale of 200 billion rupees ($2.45 billion) began on Wednesday, a company spokesman said.
Dubai’s benchmark index (.DFMGI) fell 0.4%, dragged down by losses in utilities such as Dubai Electricity, financials and real estate sectors (DEWAA.DU) Down 0.8%, Emirates central cooling system (Authorization.DU) Real estate heavyweight Emaar properties fell 1.3 percent (EMAR. YOU) down 0.2%.
Beyond the Gulf, Egypt’s blue-chip index (.EGX30) It rose 2.1 percent, extending gains from last Wednesday.
“Egyptian stocks continue to soar while international investors maintain buying trends. The market is likely to continue to benefit from improving sentiment,” said Fadi Reyad, chief market analyst at CAPEX.com MENA.
Egypt’s economy will grow 4.8 percent this fiscal year, faster than government forecasts, but miss medium-term targets, a Reuters poll showed. show Wednesday.
Reporting by Md Manzer Hussain Editing by Vinay Dwivedi
Our standards: Thomson Reuters Trust Principles.
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