Stock markets in the Gulf were up on Wednesday in early trade amid rising oil prices and robust corporate earnings, with the Dubai index outperforming its peers.
Oil prices, a catalyst for the Gulf's financial markets, rose slightly after a modest fall earlier in the session as traders weighed the impact on prices stemming from escalating geopolitical tensions and concerns over tepid demand. Dubai's benchmark stock index (.DFMGI), opens new tab surged 1.2%, the highest rise in nearly three months, with all sectors in positive territory.
The index was lifted by a record surge in Dubai Islamic Bank (DISB.DU), opens new tab which jumped 7.9% in early trade, the sharpest rise since June 2020.
The biggest Islamic lender in the United Arab Emirates, reported on Tuesday a 24% increase in full-year attributable net profit to 6.80 billion dirhams ($1.85 billion), up from 5.47 billion ($1.49 billion) a year earlier.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was up 0.6%, supported by a gain of 1% in Al Rajhi Bank (1120.SE), opens new tab and a 1.4% rise in Elm Co (7203.SE), opens new tab.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab advanced 0.3%, with UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab gaining 1.8% and Abu Dhabi Islamic Bank (ADIB.AD), opens new tab climbing 2.5%. ADIB reported on Tuesday a 28% increase in fourth-quarter net profit to 1.5 billion dirhams ($408.45 million), up from 1.17 billion a year earlier. The Qatari benchmark index (.QSI), opens new tab inched up 0.1%, aided by a gain of 0.9% in Qatar National Bank (QNBK.QA), opens new tab and 1.2% rise in Qatar International Islamic Bank
