Mideast Stocks: Gulf Stocks Rise on Firmer Oil, Earnings; Dubai Hits New Record High

Most Gulf stock markets rose on Wednesday, tracking firmer oil prices and upbeat corporate earnings, ‍while investors assessed the ‍potential market fallout from escalating Middle East tensions.

Oil - a key driver for Gulf equities - ​climbed after reports of a drone attack, an incident involving a tanker in the Strait of Hormuz, and a ⁠sharp decline in U.S. crude inventories. Brent crude futures were up 0.2% at $67.46 a barrel by 1240 GMT.

The ⁠Abu Dhabi ‌benchmark index rose 0.7% to hit a more than 3-year high at 10,542, with most stocks advancing. ADNOC Gas added 1.3% and Abu Dhabi Islamic Bank gained 3.5%. NMDC Energy ⁠rose 2.3% after reporting a 14% increase in full-year net profit and a 14% rise in cash dividends.

Dubai's benchmark stock index extended its rally to a third straight session and rose 0.7% to 6,662, a fresh record high since 2006. 

Emirates NBD, the emirate's largest lender, rose 3.1%, while Tecom Group ⁠climbed 4.1% after the business-district operator ​posted a 70% jump in full-year profit.

Separately, the UAE's non-oil private sector recorded the fastest growth in new business in nearly two ‍years in January, driven by a sharp rise in new orders, a survey showed on Wednesday. Saudi Arabia's benchmark stock index edged up ​0.1%, aided by materials, utilities and finance.

Saudi Arabian Mining Co gained 2.2%, and ACWA Power rose 1.4% after the company said it had signed an energy conversion and water purchase deal with a value of about $4.1 billion. Al Majed For Oud surged 6% to 157 riyals per share, its highest level in nearly a year. 

The perfume maker reported a 38.6% rise in full-year net profit.

The Qatari benchmark index slipped 0.3%, pressured by a 1.3% decline in Industries Qatar, while Gulf International Services dropped 8.3% after reporting a 5% fall in full-year net profit.

Outside the Gulf, Egypt's blue-chip index climbed 1.3% with all sectors in the green. ⁠Commercial International Bank rose 2.6% while Talaat Moustafa Group added 2%. Egypt's non-oil ‌private sector output grew for the third consecutive month in January, marking the longest period of expansion since late 2020, S&P Global reported on Tuesday, but demand conditions eased.

SAUDI ARABIA up 0.1% to 11,341

KUWAIT lost 0.7% ‌to 9,312

QATAR down 0.3% ⁠to 11,385

EGYPT rose 1.3% to 49,632

BAHRAIN up 0.2% to 2,061

OMAN gained 0.9% to 6,381

ABU DHABI advanced 0.7% to10,542

DUBAI rose 0.7% to 6,662

($1 = 3.6727 ⁠UAE dirham)