Mideast Stocks: Most major Gulf bourses gain on corporate earnings

Major stock markets in the Gulf closed higher on Monday

  
An investor is seen at the Dubai International Financial Market, in Dubai, UAE April,16, 2018.

An investor is seen at the Dubai International Financial Market, in Dubai, UAE April,16, 2018.

REUTERS/Satish Kumar

Major stock markets in the Gulf closed higher on Monday, with the Saudi index leading gains after a slew of strong corporate earnings.

Saudi Arabia's benchmark index rose 0.9%, boosted by a 1.8% gain in Al Rajhi Bank and a 8.9% surge in Bank Al Jazira, which reported an increase in its quarterly net profit. 

Elsewhere, Saudi National Bank (SNB) closed 0.9% higher. The kingdom's largest lender posted a 20.3% rise in first-quarter net profit on Monday with lower impairments and higher fees, in a sign that the economy has been recovering from last year's pandemic lockdowns. 

In Dubai, the main share index gained 0.7%, with Emirates NBD Bank advancing 2.1%, while Dubai Islamic Bank, the United Arab Emirates' largest lender, closed 0.9% higher.

The Abu Dhabi index added 0.5%, bolstered by a 0.7% gain in top lender First Abu Dhabi Bank FAB.AD while telecoms giant Etisalat was up 0.6%.

Abu Dhabi Commercial Bank finished 2.3% higher, after the United Arab Emirates' third-biggest lender reported soaring profit as it recovers from impairments linked to troubled hospital operator NMC Health. 

ADCB reported first-quarter net profit of 1.1 billion dirhams ($299.50 million), a 436% increase year-on-year.

In Qatar, the benchmark gained 0.4%, bolstered by a 3.4% jump in Commercial Bank after the lender reported a net profit of 602.7 million riyals ($165.58 million) for the first-quarter, up from 402.1 million a year earlier. 

Among others, petrochemical maker Industries Qatar gained 0.4% following an increase in its first-quarter net profit.

Outside the Gulf, Egypt's blue-chip index fell 0.7%, with most its individual stocks in negative territory, including Fawry for Banking Technology , which declined 2.8%.

($1 = 3.6728 UAE dirham)

($1 = 3.6400 Qatar riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Kirsten Donovan) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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