Dubai's real estate developer Deyaar Development climbed 2.6% after it reported on Wednesday a 187% jump in full-year net profit. Saudi Arabia's benchmark stock index inched up 0.1%, helped by gains in finance, materials and energy sectors, with world's largest Islamic bank by assets Al Rajhi Bank gaining 0.4% and oil giant Saudi Aramco rising 0.3%. However, the Saudi's ICT services provider Solutions By Stc slipped 4.7% after it posted a 26.5% jump in full year net profit that missed analysts' estimates. In Abu Dhabi, the benchmark stock index dropped 0.2%, dragged down by a 0.3% loss in Alpha Dhabi and 0.4% fall in the largest lender by assets First Abu Dhabi Bank . Among the losers, Americana Restaurants International dropped 2.3% after the firm missed maket estimate of 998.9 million riyals for annual net profit. Americana posted a 27% jump in 2022 net profit to 972.1 million riyals ($259.23 million). ($1 = 3.7500 riyals) (Reporting by Md Manzer Hussain; Editing by Rashmi Aich)
By Md Manzer Hussain
Feb 16 (Reuters) - Most Gulf stock markets rose in early
trade on Thursday, tracking gains in global peers and oil
prices, although Abu Dhabi extended losses to a second session.
Crude prices- a key catalyst for the Gulf's financial
markets - edged up after International Energy Agency (IEA) said
oil demand would rise by 2 million barrels per day (bpd) in
2023, with China making up 900,000 bpd of the increase.
Brent was up 0.7%, to $85.92 per barrel by 0745 GMT.
The Qatari Stock index inched up 0.6%, bolstered by
gains in banking and industrial sectors with Industries Qatar rising 2% and Masraf Al Rayan gaining 2.4%.
The region's largest lender Qatar National Bank and Qatar Islamic Bank rose 0.7% and 0.6%,
respectively.
Mesaieed Petrochemical declined 1.4% after it
reported a drop in full-year net profit.
Dubai's benchmark stock index was up 0.1% in early
trade, aided by gains in industry sector stocks, with toll
operator Salik rising 1.2%.
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