Mideast Stocks: Most Gulf Markets Gain Ahead of Earnings, US Data

Most stock markets in the Gulf ended higher on Wednesday ahead of more corporate earnings announcements, while investors awaited a spate of U.S. economic data expected this week.

The U.S. is scheduled to report advance first-quarter GDP data at 1330 GMT (0830 ET), which is expected to show that the economy stalled or even contracted in the first quarter, swamped by a deluge of imported goods by businesses eager to avoid higher costs. Meanwhile, U.S. President Donald Trump signed a pair of orders to soften the blow of his auto tariffs on Tuesday, while his trade team touted its first deal with a foreign trading partner.

In Abu Dhabi, the index reversed early losses to close 0.1% higher, helped by a 3.3% jump in the United Arab Emirates' biggest lender, First Abu Dhabi Bank, extending gains for a second session. On Tuesday, the bank reported a net profit of 5.13 billion dirhams ($1.40 billion), beating analysts' estimate of 4.24 billion dirhams, according to data compiled by LSEG.

On the other hand, Abu Dhabi Commercial Bank declined 2.2% following a drop in first-quarter operating income.

Dubai's main share index advanced 1.3%, led by a 14.9% surge in Commercial Bank of Dubai.

The Qatari index finished 1.3% higher, with the Gulf's biggest lender, Qatar National Bank, gaining 2.1%.

Saudi Arabia's benchmark index, however, fell 0.6%, hit by a 1.3% fall in Al Rajhi Bank and a 1.2% decrease in oil giant Saudi Aramco.

Oil prices extended declines and were set for their largest monthly drop in almost three-and-a-half years as the global trade war eroded the outlook for fuel demand amid supply concerns.

Outside the Gulf, Egypt's blue-chip index added 0.3%.

SAUDI ARABIA fell 0.6% to 11,672

Abu Dhabi up 0.1% to 9,534

Dubai leapt 1.3% to 5,307

QATAR gained 1.3% to 10,460

EGYPT up 0.3% to 32,126

BAHRAIN added 0.5% to 1,912

OMAN rose 0.4% to 4,316

KUWAIT was up 0.8% to 8,554

($1 = 3.6728 UAE dirham)

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