Mideast Stocks: Saudi bourse extends losses on weak earnings; ENBD lifts Dubai

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Saudi Arabia's stock market in the Gulf ended lower on Thursday, extending losses for a third session amid a slowdown in corporate earnings, while top lender Emirates NBD helped the Dubai index.

Saudi Arabia's benchmark index dropped 1%, hit by a 1% fall in Al Rajhi Bank, while ACWA Power Company slid 2.7%. ACWA Power on Tuesday reported annual profit ahead of analysts' estimates but missed on revenue. Elsewhere, Saudi Basic Industries Corp closed 3.1% lower, extending losses from the previous session when it reported a slightly wider loss in the fourth quarter. However, Company for Cooperative Insurance rose 1.8%, after the insurer met analysts' estimates.

Dubai's main share index added 0.2%, helped by a 1.9% rise in Emirates NBD Bank (ENBD). Earlier this week, ENBD, Dubai's top lender, made a mandatory cash offer to buy Emirates Islamic Bank at 11.95 dirhams ($3.25) per share.

In Abu Dhabi, the index fell 0.3%, pressured by a 1.2% fall in ADNOC Gas. Separately, UAE investment platform 2PointZero is targeting a stock market listing in Abu Dhabi this year, CEO Mariam bint Mohammed Almheiri said on Wednesday. However, oil prices rose more than 1% on Thursday as supply concerns resurfaced after U.S. President Donald Trump revoked a license granted to U.S. oil major Chevron to operate in Venezuela.

The Qatari index slipped 0.5%, hit by a 2.1% fall in Qatar Islamic Bank.

Outside the Gulf, Egypt's blue-chip index was down 0.1%, with Commercial International Bank retreating 1.1%. Meanwhile, Egypt will increase the minimum wage for public sector workers to 7,000 Egyptian pounds ($138.50) per month from July, aligning it with the private sector's minimum wage established in early February, Finance Minister Ahmed Kouchouk announced during a press conference on Wednesday. Kuwait was closed for a public holiday.