Mideast Stocks: Most Gulf markets higher on earnings, oil; FAB gains lift Abu Dhabi

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Most Gulf stock markets ended higher on Wednesday, fueled by a slew of upbeat corporate earnings and rising oil prices, with Abu Dhabi’s benchmark topping its peers on First Abu Dhabi Bank’s contribution.

In Abu Dhabi, the index advanced 1.1%, boosted by a 5.1% jump in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB). FAB - which saw its biggest intraday gain since late-June - reported a 21% rise in third-quarter net profit to 5.39 billion dirhams ($1.47 billion), above analysts' average estimate of 4.54 billion dirhams, according to data compiled by LSEG.

Elsewhere, Abu Dhabi Islamic Bank - whose trading was suspended ahead of its earnings announcement - was last up 4%. Saudi Arabia's benchmark index rose 0.4%, driven by a 3.8% jump in oil behemoth Saudi Aramco, its biggest single-day gain since April 2023.

The energy sector saw positive movement, led by Aramco, supported by a rebound in oil prices, said Milad Azar Market analyst at XTB MENA.

"However, oil’s rebound could be short-lived, given the bearish fundamentals weighing on the overall outlook."

Oil prices - a catalyst for the Gulf's financial markets - pushed higher for a second day on Wednesday, rising by about 2%, buoyed by hopes for progress of a U.S. trade deal with China and India.

Among other gainers, telecoms firm Etihad Etisalat leapt 3.7%, after reporting a rise in third-quarter profit. However, Sahara International Petrochemical Company (Sipchem) plunged 3.4%, as the firm turned to quarterly losses.

Dubai's main share index concluded flat, with Emirates NBD rising 1.9%, as the top lender is slated to report its quarterly earnings.

The Qatari index reversed early losses to close 0.3% higher.

Outside the Gulf, Egypt's blue-chip index eased 0.3%, dragged down by a 7% slide in Abu Qir Fertilizers as the chemical firm traded ex-dividend.