Major Gulf markets gain as focus shifts to earnings
By Ateeq Shariff
July 21 (Reuters) -Major stock markets in the Gulf ended higher on Sunday, boosting investor morale as earnings season in the region heated up, although a decline in oil prices weighed on sentiment.
Saudi Arabia's benchmark index .TASI edged 0.1% higher, with aluminium product manufacturer Al Taiseer Group 4143.SE rising 0.3% and Al Rajhi Bank 1120.SE closing 0.7% higher.
Among other gainers, Saudi Arabian Amiantit 2160.SE advanced 5.2% after the pipe manufacturer swung to a quarterly profit of 5.1 million riyals ($1.36 million), from a loss of 10.1 million riyals a year earlier.
Elsewhere, Saudi Tadawul Group 1111.SE - the owner of the Saudi Exchange - gained 1.8%, following a sharp rise in quarterly profit.
On the other hand, Sahara International Petrochemical 2310.SE eased 0.7% after reporting a fall in quarterly net profit.
In Qatar, the index .QSI added 0.3%, with petrochemical maker Industries Qatar IQCD.QA putting on 1.1%.
However, Qatar International Islamic Bank QIIB.QA retreated 1.3%, ahead of its earnings release.
Oil prices - a catalyst for the Gulf's financial markets - settled more than $2 per barrel lower on Friday at their lowest level since mid-June as investors eyed a possible ceasefire in Gaza, while a strengthened dollar drove values down further.
Outside the Gulf, Egypt's blue-chip index .EGX30 finished 0.5% higher, with top lender Commercial International Bank Egypt COMI.CA rising 1%.
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.
SAUDI ARABIA | .TASI rose 0.1% to 12,203 |
QATAR | .QSI gained 0.3% to 10,060 |
EGYPT | .EGX30 up 0.5% to 28,783 |
BAHRAIN | .BAX dropped 1% to 1,960 |
OMAN | .MSX30 eased 0.3% to 4,683 |
KUWAIT | .BKP lost 0.5% to 7,721 |
($1 = 3.7508 riyals)
Reporting by Ateeq Shariff in Bengaluru
Editing by Matthew Lewis
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