Most stock markets in the Gulf ended higher yesterday, amid rising oil prices, while the Saudi index slid after some weak corporate earnings.
Oil prices, a catalyst for the Gulf’s financial markets, rose on Friday on stronger Chinese economic data and the ongoing Middle East conflict, with Brent settling at $84.24 a barrel.
The Qatari benchmark index was up 0.1 per cent, supported by a gain of 0.7pc in Industries Qatar and a 0.8pc rise in Qatar Islamic Bank.
Saudi Arabia’s benchmark index slipped for a second straight session and ended 0.6pc lower, weighed down by losses in almost all sectors.
ACWA slid 4.7pc, after the private utility firm reported on Thursday a 54pc decrease in its first quarter net profit sequentially. However, its quarterly profit inched up 9.8pc year on year.
Among other fallers, Mobile Telecommunication Company Saudi Arabia known as Zain KSA, fell 1.5pc after it posted a 94.1pc decline in its quarterly net profit.
Outside the Gulf, Egypt’s blue-chip index dropped 3.3pc, with most of its constituents posting losses, led by real estate, materials and healthcare stocks.
Talaat Mostafa Group slipped 6.3pc and Abu Qir Fertilizers lost 5.2pc. However, Abu Dhabi Islamic Bank Egypt gained 2.4pc after it reported 110pc surge in its quarterly net profit.
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