Mideast Stocks: Most Gulf markets rise on corporate earnings, oil; Saudi extends losses

Mideast Stocks: Most Gulf markets rise on corporate earnings, oil; Saudi extends losses

Most stock markets in the Gulf ended higher on Monday on back of corporate earnings and rising oil prices, although the Saudi index extended losses as consolidation continued.

Prices of oil - a key catalyst for the Gulf's financial markets - were set to post their biggest monthly gains in more than a year, on expectations that Saudi Arabia will extend voluntary output cuts into September and tighten global supply.

Dubai's main share index gained 0.6%, led by a 2.4% rise in top lender Emirates NBD and a 1.5% increase in utility firm Dubai Electricity And Water Authority. Last week, Emirates NBD posted a 78% surge in its second-quarter profit to a record 6.2 billion dirhams ($1.69 billion) on higher margins, an improved deposit and loan mix, and substantial recoveries.

In Abu Dhabi, the index was up 0.3%. The Qatari index edged 0.1% higher, helped by a 2.3% rise in Qatar Islamic Bank, while telecoms firm Ooredoo added 0.5% after reporting a rise in first-half earnings.

Saudi Arabia's benchmark index dropped 0.8%, extending losses for a second session after hitting a nine-month high, with Dr Sulaiman Al-Habib Medical Services dropping 1.7%. Iran's foreign ministry spokesperson said on Monday that a normalisation of ties between