Most stock markets in the Gulf ended higher on Wednesday, largely on the back of corporate earnings with the Dubai index leading the gains.
The Qatari benchmark (QSI) added 0.1% © Mena Today
Most stock markets in the Gulf ended higher on Wednesday, largely on the back of corporate earnings with the Dubai index leading the gains.
Dubai's main share index advanced 1.8%, with Dubai Islamic Bank (DIB) jumping 7.7% - its biggest intraday gain since June 2020 - after reporting upbeat full-year earnings.
DIB, the biggest Islamic lender in the United Arab Emirates, on Tuesday reported a 24% increase in full-year attributable net profit to 6.80 billion dirhams ($1.85 billion) from a year earlier
Also, the lender raised its 2023 dividend proposal to 45% versus 30% for the year 2022.
Elsewhere, top lender Emirates NBD (ENBD.DU) closed 4.8% higher, ahead of its earnings announcement.
Saudi Arabia's benchmark index (.TASI) gained 0.6%, led by a 1.7% rise in Etihad Atheeb Telecommunication(7040.SE) and a 1.4% increase in auto rental firm Lumi (4262.SE).
Elsewhere, oil giant Saudi Aramco (2222.SE) edged 0.2% higher.
Oil - which fuels the Gulf's economy - steadied, with Brent trading near $80 a barrel, as a Chinese economic stimulus package and geopolitical tensions were offset by concerns over tepid demand and a stronger dollar.
Separately, Saudi-based Middle East Pharmaceutical Industries Company, known as Avalon Pharma, priced its initial public offering (IPO) at the top of its range, selling the shares at 82 riyals ($21.87) each on Wednesday.
In Abu Dhabi, the index (.FTFADGI) finished flat.
The Qatari benchmark (.QSI) added 0.1%, with petrochemical maker Industries Qatar gaining 2.7%.
However, Islamic lender Masraf Al Rayan (MARK.QA) declined 3.8%, after reporting a 8% increase in 2023 profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 0.3%, with Talaat Mostafa Holding (TMGH.CA) leaping 8.4%.
Meanwhile, Egyptian economic growth will be slower than previously expected as its pound weakens, inflation cuts into purchasing power and fallout from the Gaza crisis eats into the country's main sources of foreign currency, a Reuters poll showed on Wednesday.
Reporting by Ateeq Shariff
Egypt's total budget deficit fell to 505 billion Egyptian pounds ($10.5 billion) in fiscal 2023/24 that ended on June 30, compared with 610 billion pounds a year earlier, finance minister Ahmed Kouchouk said in a statement on Wednesday.
Egypt will halt load-shedding power cuts during the summer as of Sunday, after some natural gas shipments arrived, Prime Minister Mostafa Madbouly said on Wednesday, in a bid to end a crisis that inconvenienced a population of 106 million.
Morocco's National Office of Hydrocarbons and Mines (Onhym), led by Amina Benkhadra, is now responsible for granting mining permits in Western Sahara, according to‘Africa Intelligence’ published on Monday.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.