MIDEAST STOCKS-Most Gulf markets gain on earnings; geopolitics weigh

By Ateeq Shariff Oct 29 (Reuters) – Most stock markets in the Gulf ended higher on Tuesday as a slew of corporate earnings lifted investor sentiment, although regional tensions limited gains. Saudi Arabia’s benchmark index edged 0.1% higher, helped by a 1.4% rise in Al Rajhi Bank and a 3.1% increase in Saudi Arabian Mining Company. Elsewhere, Mobile Telecommunications Saudi Arabia, known as Zain KSA, added 0.4% following a rise in quarterly net profit. Separately, the kingdom’s investment minister said on Tuesday the number of companies in the kingdom with a regional headquarters had reached 540, ahead of a 2030 target of 500. In Abu Dhabi, the index closed 0.1% higher, supported by a 0.4% increase in diversified holding firm Borouge . Dubai’s main share index advanced 1%, with toll operator Salik Co rising 1.3%, and Emirates Central Cooling Systems Corp putting on 1.8%. Oil prices – a catalyst for the Gulf’s financial markets – rose more than 1%, reversing some of the previous session’s 6% tumble, as a U.S. plan to buy oil for the Strategic Petroleum Reserve (SPR) provided some support, though wider concerns about weaker future demand growth exerted pressure. The Qatari index gained 0.8%, with the Gulf’s biggest lender Qatar National Bank climbing 1.1%, while petrochemical maker Industries Qatar rose 0.7% ahead of its earnings announcement. Outside the Gulf, Egypt’s blue-chip index dropped 0.5%, hit by a 1.1% fall in Commercial International Bank . SAUDI ARABIA added 0.1% to 12,062 ABU DHABI rose 0.1% to 9,312 DUBAI advanced 1% to 4,583 QATAR gained 0.8% to 10,591 EGYPT lost 0.5% to 30,620 BAHRAIN added 0.3% to 2,017 OMAN lost 0.6% to 4,766 KUWAIT finished flat at 7,611 (Reporting by Ateeq Shariff in Bengaluru; Editing by Alex Richardson)

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