Mideast Stocks: Most major Gulf bourses fall, Emirates NBD lifts Dubai

Mideast Stocks: Most major Gulf bourses fall, Emirates NBD lifts Dubai

Most stock markets in the Gulf were slightly lower on Thursday, mirroring volatility in crude prices, while Dubai bucked the trend as its largest lender reported strong earnings.

Crude prices - a key catalyst for Gulf's financial market - were volatile on Thursday ahead of the OPEC+ meeting and the looming European Union ban on Russian refined products.

Brent crude were up 3 cents, or 0.03%, to $86.15 per barrel by 0742 GMT.

Abu Dhabi's benchmark index retreated 1%, weighed down by a 4.3% decline in UAE's largest lender First Abu Dhabi Bank as the bank reported a 26% drop in fourth-quarter net profit, although it had a 7% rise in 2022 net profit.

The lender missed analyst estimates of 2.95 billion dirhams ($803.22 million) in fourth-quarter net profit, according to Refinitiv data.

The lender also decreased annual cash dividend by 26% to 52 fils per share from 2021.

Sharjah Islamic Bank, however, jumped 4% after the bank posted 27% growth in full-year net profit to 650.9 million dirhams ($177.23 million).

Benchmark Qatari index edged down 0.2%, breaking a five-day winning streak, as most of the index constituents were in negative territory.

Index heavyweight Islamic lender Qatar Islamic Bank and petrochemical maker Industries Qatar declined 0.9% and 0.7%,