Mideast Stocks: Most Gulf Markets Gain on Earnings Boost, but Saudi Index Extends Losses

Most major stock markets in the Gulf rose on Thursday, lifted by positive corporate earnings and announcements, although the Saudi index was set to extend losses for an eighth consecutive session.

Dubai's main share index advanced 1.2%, hitting a 17-1/2-year high, buoyed by financial shares.

Shares of Emirates NBD jumped 4%, on course to gain for a third consecutive session, after the top lender announced it had concluded 3.9 billion dirhams ($1.06 billion) in syndicated loans for Dubai Metro's Blue Line Project.

Budget airliner Air Arabia advanced 5.1% to a record high on plans to increase its Abu Dhabi unit's operational capacity by 40% this year, following Wizz Air Abu Dhabi's exit from the market.

In Abu Dhabi, the index added 0.6%.

The Qatari index gained 0.5%, supported by a 2.6% rise in Qatar Islamic Bank after the lender reported higher half-yearly profit.

The sharia-compliant lender reported on Wednesday a first-half net profit of 2.18 billion riyals ($598.46 million), up 5.3% from last year.

Shares of Commercial Bank of Qatar dropped 1.3%, a day after the lender posted a nearly 20% decline in net profit for the six-month period ended June 30.

Saudi Arabia's benchmark index eased 0.2%, on course to fall for a eighth consecutive session, with Al Rajhi Bank losing 0.8%.

Elsewhere, oil giant Saudi Aramco was down 0.7%.

($1 = 3.6427 Qatar riyals)

($1 = 3.6726 UAE dirham)