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 (.DFMGI) advanced 1.2%, hitting a 17-1/2-year high, buoyed by financial shares.
Shares of Emirates NBD (ENBD.DU) 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 (AIRA.DU) 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 (.FTFADGI) added 0.6%.
The Qatari index (.QSI) gained 0.5%, supported by a 2.6% rise in Qatar Islamic Bank (QISB.QA) 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 (COMB.QA) 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 (.TASI) eased 0.2%, on course to fall for an eighth consecutive session, with Al Rajhi Bank (1120.SE) losing 0.8%.
Elsewhere, oil giant Saudi Aramco (2222.SE) was down 0.7%.
