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☆ Most Gulf markets in the red on falling oil prices
▼ + stars: | 2023-11-26 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

A trader looks on near electronic boards showing stock market data at Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed/File Photo Acquire Licensing RightsNov 26 (Reuters) - Stock markets in the Gulf ended lower on Sunday in response to Friday's fall in oil prices, although the Saudi index bucked the trend to trade higher. Oil - a catalyst for the Gulf's financial markets - fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium. Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 0.8%, with top lender Commercial International Bank (COMI.CA) losing 2%. Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, ending two sessions of losses, helped by a 1.2% rise in Elm Company (7203.SE).

Persons: Joe Biden, Hamad I Mohammed, Ateeq, Louise Heavens Organizations: Bahrain Bourse, U.S, REUTERS, Stock, Qatar Islamic Bank, Industries Qatar, Commercial International Bank, Elm Company, Thomson Locations: Bahrain, Manama, Saudi, Gaza, Qatar, OPEC, Saudi Arabia, Ateeq Shariff, Bengaluru

☆ Most Gulf markets end higher after US job market softens
▼ + stars: | 2023-11-05 | by ( ) www.reuters.com time to read: +2 min

A trader looks on near electronic boards showing stock market data at Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. Most Gulf Cooperation Council countries, including the UAE, peg their currencies to the U.S. dollar and follow the Fed's policy moves closely. Saudi Arabia's benchmark index (.TASI) gained 0.8%, with oil giant Saudi Aramco (2222.SE) rising 0.5% and Lumi Rental Co (4262.SE) finishing 1.7% higher. Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 2% higher, led by a 2.1% rise in Commercial International Bank (COMI.CA). On Friday, the lender reported third-quarter net income of 8.35 billion Egyptian pounds ($270.66 million), up 89% year-on-year.

Persons: Joe Biden, Hamad I Mohammed, Detroit's, Jerome Powell, Ateeq, David Goodman, Sharon Singleton Organizations: Bahrain Bourse, U.S, REUTERS, Federal, United Auto Workers, UAW, Gulf Cooperation, U.S ., Saudi Aramco, Lumi, Reuters, Industries Qatar, Commercial International Bank, Thomson Locations: Bahrain, Manama, U.S, Gulf, UAE, Saudi, Ateeq Shariff, Bengaluru

☆ Gulf bourses drop amid hawkish Fed tone, Mideast conflict
▼ + stars: | 2023-10-22 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

REUTERS/Hamad I Mohammed/File photo Acquire Licensing RightsOct 22 (Reuters) - Stock markets in the Gulf fell on Sunday amid warnings of possible further interest rate hikes from the U.S Federal Reserve, and worries of escalation in the Middle East conflict. Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy decisions because most regional currencies are pegged to the U.S. dollar. Saudi Arabia's benchmark index (.TASI) was down for a third consecutive session, ending 1.5% lower, with all sectors in the red. Elm Company (7203.SE) dropped 2.3%, while Al Rajhi Bank (1120.SE), the world's largest Islamic bank by assets, slipped 2.1%. The Qatari index (.QSI) fell for a fifth straight session, ending 0.9% lower, with Industries Qatar (IQCD.QA) dropping 2.2% and Qatar Navigation (QNNC.QA) sliding 3%.

Persons: Joe Biden, Hamad I Mohammed, Jerome Powell, Talaat Mostafa, Md Manzer Hussain, David Holmes Organizations: Bahrain Bourse, U.S, REUTERS, Stock, U.S Federal Reserve, Gulf Cooperation Council, U.S ., Elm Company, Al Rajhi Bank, Industries Qatar, Qatar Navigation, Qatar National Bank, Eastern Co, Gaza, Thomson Locations: Bahrain, Manama, Saudi, Israel, Lebanon, Syria

☆ Major Gulf bourses drop amid surging Gaza-Israel conflict
▼ + stars: | 2023-10-08 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +1 min

REUTERS/Mohammed Salem Acquire Licensing RightsOct 8 (Reuters) - Major stock markets in the Gulf tumbled on Sunday amid worries that rising conflict between Palestinian group Hamas and Israel threatens to spiral. The index was dragged down by losses in all sectors, with Lumi Rental (4262.SE) down 5% and Etihad Atheeb Telecommunication (7040.SE) dropping 5.3%. Saudi Aramco Base Oil (2223.SE) (Luberef)dropped 6.8% and the world's largest Islamic bank by assets, Al Rajhi Bank(1120.SE) slipped 2.1%. The Qatari index (.QSI) fell for a third straight session, ending 0.6% lower, with most sectors in the red. Outside the Gulf, Egypt's blue-chip index (.EGX30) plunged 2.6%, the steepest drop in nearly three months.

Persons: Mohammed Salem, Md Manzer Hussain, Bernadette Baum Organizations: REUTERS, Lumi, Etihad Atheeb Telecommunication, Saudi Aramco Base Oil, Al Rajhi Bank, . Industries Qatar, Commercial Bank, Commercial International Bank, Finance, Digital, Financial, Telecom Egypt, Fawry Banking, Thomson Locations: Gaza City, Palestinian, Israel, Gaza, East, Saudi

☆ Most stock markets in Gulf track oil prices higher
▼ + stars: | 2023-08-13 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

An investor monitors a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014./File PhotoAug 13 (Reuters) - Most stock markets in the Gulf ended higher on Sunday in the wake of Friday's rise in oil prices, with the Saudi index gaining for a third consecutive session. Oil prices - a key catalyst for the Gulf's financial markets - edged higher on Friday after the International Energy Agency forecast record global demand and tightening supplies, propelling prices to their seventh straight week of gains, the longest such streak since 2022. Prospects for the oil market look healthy for the second half of the year, OPEC said. Saudi Arabia's benchmark index (.TASI) advanced 1.1%, rising for a third consecutive session, led by a 1.6% leap in oil giant Saudi Aramco (2222.SE). In Qatar, the index (.QSI) added 0.4%, with petrochemical maker Industries Qatar (IQCD.QA) putting on 0.8%.

Persons: Ateeq, Hugh Lawson Organizations: Abu, Abu Dhabi Securities Exchange, International Energy Agency, Organization of, Petroleum, Saudi, Saudi Aramco, Aramco, Industries Qatar, Thomson Locations: Abu Dhabi, Saudi, North Asia, Qatar, Egypt, Ateeq Shariff, Bengaluru

☆ Saudi bourse extends losses on profit-taking; Egypt gains
▼ + stars: | 2023-07-30 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

July 30 (Reuters) - Saudi Arabia's stock market ended lower on Sunday, extending losses from the previous session on profit-taking, while the Egyptian index ended five sessions of losses. Saudi Arabia's benchmark index (.TASI) dropped 0.5%, weighed down by a 2.5% fall in Riyad Bank (1010.SE), while Saudi Awwal Bank (1060.SE) retreated 3.8%. On the positive side, National Shipping Company of Saudi Arabia (4030.SE) advanced more than 4% after posting a sharp rise in second-quarter net profit. In Qatar, the index (.QSI) gained 0.5%, led by a 2.7% rise in petrochemical maker Industries Qatar (IQCD.QA). ($1 = 3.7505 riyals)Reporting by Ateeq Shariff in Bengaluru Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Ateeq, Christina Fincher Organizations: Saudi, Riyad Bank, Saudi Awwal Bank, National Shipping Company, Industries Qatar, Eastern Company, Thomson Locations: Saudi, Saudi Arabia, Qatar, Ateeq Shariff, Bengaluru

☆ Saudi bourse jumps on earnings; Egypt extends losses
▼ + stars: | 2023-05-07 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

May 7 (Reuters) - Saudi Arabia's stock market ended higher on Sunday boosted by a slew of strong earnings, although the Egyptian bourse extended losses. Saudi Arabia's benchmark index (.TASI) gained 1.2%, buoyed by a 6% jump in Saudi British Bank (1060.SE), its biggest intraday gain since Dec. 2021, following a steep rise in first-quarter earnings. The lender reported a quarterly net profit of 1.77 billion riyals ($471.99 million) up from 1 billion riyals year ago. In Qatar, the index (.QSI) added 0.3%, with Qatar Islamic Bank (QISB.QA) climbing 2.7%. However, the index's gains were limited by a 1.1% fall in petrochemical maker Industries Qatar (IQCD.QA) ahead of its earnings announcement.

☆ Saudi stocks gain on rising oil prices; Qatar falls
▼ + stars: | 2023-04-16 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

April 16 (Reuters) - Saudi Arabia's stock markets ended higher on Sunday after Friday's rise in oil prices, although the Qatari index extended losses for a second session. Saudi Arabia's benchmark index (.TASI) gained 0.6%, led by a 1.2% increase in Al Rajhi Bank (1120.SE), while oil giant Saudi Aramco (2223.SE) added 0.8%. Saudi Crown Prince Mohammed Bin Salman launched on Thursday four new Special Economic Zones in Saudi Arabia, state media reported on Thursday after the market had closed, citing a statement. In Qatar, the index (.QSI) fell 0.4%, extending losses for a second session, with petrochemical maker Industries Qatar (IQCD.QA) losing 1.5%. Reporting by Ateeq Shariff in Bengaluru; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi bourse gains amid strong oil prices; Egypt falls
▼ + stars: | 2023-04-09 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

April 9 (Reuters) - Saudi Arabia's stock market finished higher on Sunday, ending two sessions of losses, while the Egyptian bourse extended losses on rising inflation. Saudi Arabia's benchmark index (.TASI) gained 0.6%, helped by a 1.7% rise in Retal Urban Development Co (4322.SE). The Saudi stock market could extend its gains this week with sentiment among local investors improving. "At the same time, the local economy could find support in the potential for higher oil prices in the near to medium term." Oil prices - a key catalyst for the Gulf's financial markets - were little changed on Thursday but posted a third weekly gain as markets weighed further production cuts targeted by OPEC+ and falling U.S. oil inventories against fears about the global economic outlook.

☆ Most Gulf markets rise in early trade; Fed meeting in focus
▼ + stars: | 2023-03-22 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

March 22(Reuters) - Most Stock markets in the Gulf rose in early trade on Wednesday, mirroring gains in global peers ahead of the U.S. Federal Reserve's interest rate decision, as worries on a banking crisis eased. The Qatari Stock index (.QSI) rose 0.7%, with gains in most sectors, led by finance and industry. The region's largest bank Qatar National Bank and Qatar International Islamic Bank gained 0.6% and 1.5% respectively, while conglomerate Industries Qatar climbed 2.9%. In Abu Dhabi, the benchmark stock index (.FTFADGI) was up 0.2%, aided by a 1.7% gain in Alpha Dhabi Holding and 0.9% rise in First Abu Dhabi Bank, the largest lender in the United Arab Emirates. Dubai's benchmark stock index (.DFMGI) fell 0.3% in early trade, weighed down by losses in finance and communication sectors, with Emaar Properties dropping 0.5% and Dubai Commercial Bank losing 2.1%.

☆ Most Gulf markets drop as oil prices fall
▼ + stars: | 2023-02-13 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Feb 13 (Reuters) - Most Gulf stock markets fell in early trade on Monday, in tandem with weaker oil prices and Asian peers as investors were cautious ahead release of crucial U.S. inflation data. Oil, which fuels the region's growth, declined around 1% with Brent crude was down $85.66 a barrel by 0743 GMT. In Abu Dhabi, the benchmark stock index (.FTFADGI) dropped 1.1%, dragged down by a 2.9% loss in Alpha Dhabi (ALPHADHABI.AD) and 1.9% fall in Al Dar Properties, while the largest lender by assets, First Abu Dhabi Bank slid 2.1%. The Qatari Stock index (.QSI) fell 0.2%, weighed down by losses in industry and energy sectors with Industries Qatar losing 2.9% and Qatar Fuel shedding 1.5%. Saudi Arabia's benchmark stock index (.TASI) opened on positive note trading 0.6% higher.

☆ Most Gulf bourses rise on higher oil prices; Egypt down
▼ + stars: | 2023-02-12 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Feb 12 (Reuters) - Most Gulf bourses closed higher on Sunday in response to Friday's oil price rise, driven by Russian plans to reduce crude production next month. Oil, which fuels the region's economies, rose more than 2%, with Brent crude gaining $1.89 to $86.39 a barrel. Russia plans to reduce crude production by 500,000 barrels per day (bpd) in March, or about 5% of its total output. The index was dragged down by a 4.7% loss in Commercial International Bank Egypt (COMI.CA) and a 2.9% fall in Telecom Egypt (ETEL.CA). Among other losers, Misr Fertilizers (MFPC.CA) and Abu Dhabi Islamic Bank Egypt (ADIB.CA) slid 3.7% and 4.3% respectively.

☆ Saudi Arabian shares drop on lower oil prices; Egypt rises
▼ + stars: | 2023-02-05 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Feb 5 (Reuters) - Saudi Arabian stock market closed lower on Sunday, in response to fall in oil prices on Friday amid concern about the European Union embargo on Russian refined products. Meanwhile, Saudi Arabia's Energy Minister warned on Saturday that sanctions and underinvestment in the energy sector could result in a shortage of energy supplies in future. The European Union has imposed a series of sanctions against Russia, reducing Russian energy exports. Saudi oil giant Aramco (2222.SE) sank 1.5%, while the world's largest Islamic bank by market capitalization, Al Rajhi Bank (1120.SE), dropped 1.9%. Qatar's stock index (.QSI) ended down 0.4%, with almost all its constituent stocks in negative territory.

☆ Saudi, Qatar ends higher as China scraps COVID curbs
▼ + stars: | 2023-01-08 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +1 min

Jan 8 (Reuters) - The Saudi and Qatari stock markets finished higher on Sunday after China scrapped COVID curbs, bolstering expectations of a demand recovery in the world's second-largest economy, while Egypt and UAE markets were closed. Meanwhile world's top crude exporter, Saudi Arabia, lowered prices for the Arab light crude it sells to Asia to its lowest since November 2021 amid the global pressures hitting oil. Saudi Arabia's benchmark index (.TASI) edged up 0.1% led by a 2.6% jump in state-owned mining company Saudi Arabian Mining Co(Ma'aden) (1211.SE). The benchmark stock index in Qatar (.QSI) gained 1.4%, supported by its Industrial and financial stocks as petrochemical maker Industries Qatar (IQCD.QA) jumped 3.1% while lender Masraf Al Rayan (MARK.QA) was up 2.5%. ($1 = 3.6580 Qatar riyals)($1 = 3.7580 riyals)Reporting by Shamsuddin Mohd in Bengaluru, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Most Gulf markets firm on rising oil prices
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

Dec 22 (Reuters) - Most major stock markets in the Gulf rose in early trade on Thursday, as oil prices extended gains for a fourth session although global economic concerns limited gains. Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, helped by a 0.3% increase in oil giant Saudi Aramco (2222.SE). Oil prices - a key catalyst for the Gulf's financial markets - climbed for a fourth straight day with U.S. crude, heating oil and jet fuel stocks growing tighter just as a cold snap hits the United States and travel is set to soar for the holiday season. In Abu Dhabi, the index (.FTFADGI) added 0.1%, helped by a 0.6% increase in the country's biggest lender First Abu Dhabi Bank (FAB.AD). The country, among the world's top exporters of liquefied natural gas, approved its 2023 fiscal year budget on Monday with revenue estimated to increase 16.3% next year, its finance minister said, thanks to rising average oil prices.

☆ Most Gulf markets fall on Fed hawkishness; Abu Dhabi gains
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +2 min

Dec 15 (Reuters) - Most stock markets in the Gulf dropped in early trade on Thursday after Federal Reserve Chair Jerome Powell said the central bank would deliver more rate increases next year. Saudi Arabia's benchmark index (.TASI) fell as much as 0.6%, and was on course to fall after two sessions of gains. The Saudi Central Bank said on Wednesday it increased its key interest rates by 50 basis points, following Fed's move as the Saudi riyal is pegged to the dollar. The Central Bank of the United Arab Emirates also increased its base rate by 50 basis points to 4.4%, effective Thursday, mirroring Fed's move. The Qatari benchmark index (.QSI) dropped 0.7%, with petrochemical maker Industries Qatar (IQCD.QA) declining 2.1%.

☆ Most Gulf markets retreat on Fed rate woes, oil price slump
▼ + stars: | 2022-12-11 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +3 min

Dec 11 (Reuters) - Most major Gulf equities eased on Sunday on falling oil prices amid supply woes and uncertainty over a price cap on Russian oil, while the Egypt index fell on price corrections. "Also oil prices could witness further downtrend this week as recession fears may fuel demand concerns, with European price cap on Russian oil remaining a source of uncertainty," added Mourad. Saudi Arabia's benchmark index (.TASI) fell 1.1%, with oil behemoth and index heavyweight Saudi Aramco (2222.SE) sliding 1.8% and Luxury real estate developer Retal Urban Development Company (4322.SE) losing 0.7%. However, Saudi National Bank (1180.SE) and ACWA Power (2082.SE) jumped 2% and 4.4% respectively. (IQCD.QA)Outside the Gulf, Egypt's blue-chip index (.EGX30) also eased 1.7%, ending eight straight days of gains.

☆ Major Gulf markets track Asian shares, oil prices lower
▼ + stars: | 2022-11-28 | by ( Roxanne Liu | Yantoultra Ngui | ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - Major stock markets in the Gulf fell on Monday, with the Qatari index leading the drop, as investors tracked sluggish crude prices and Asian equities lower after rare protests in China against the country's zero-COVID curbs roiled sentiment. Crude prices - a key catalyst for the Gulf's financial markets - slumped as street protests against strict curbs in China, the world's biggest crude importer, stoked concerns about the outlook for fuel demand. In Qatar, the index (.QSI) dropped 1.5%, as all stocks were trading in negative territory including petrochemical maker Industries Qatar (IQCD.QA), which was down 1.9%. Saudi Arabia's benchmark index (.TASI) retreated more than 1%, with Retal Urban Development Co (4322.SE) losing 1% and oil giant Saudi Aramco (2222.SE) declining 0.9%. Dubai's main share index (.DFMGI) retreated 0.5%, weighed down by a 0.9% fall in blue-chip developer Emaar Properties (EMAR.DU).

☆ Gulf bourses slide on Fed rate hike prospects; Egypt edges up
▼ + stars: | 2022-11-20 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +1 min

Nov 20 (Reuters) - Most stock markets in the Gulf fell on Sunday with fears about sharp U.S. interest rate hikes and the prospect of weaker oil demand weighing on sentiment. Saudi Arabia's benchmark index (.TASI) fell 0.8%, pressured by banking stocks, with Al Rajhi Bank (1120.SE) down 1.2% and Saudi National Bank (1180.SE) dropping 1.7%. The Qatari index (.QSI) also dropped 0.8%, extending losses to five sessions in a row, with financials and industrial stocks leading the losses. Qatari conglomerate Industries Qatar (IQCD.QA) lost 1.6% while Qatar Islamic Bank (QISB.QA) was down 1.2%. Outside the Gulf, Egypt's blue-chip index (.EGX30) edged up 0.1% for a sixth session of gains, with Elsewedy Electric (SWDY.CA) advancing 2.7%.

☆ Major Gulf markets fall after Fed warning
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

Nov 14 (Reuters) - Major stock markets in the Gulf retreated in early trade on Monday after a top U.S. central banker warned investors against getting carried away over one inflation number. Saudi Arabia's benchmark stock index (.TASI) dropped 1.3%, dragged down by a 4.1% slide in Retal Urban Development Co (4322.SE) and a 1.3% decline in Al Rajhi Bank (1120.SE). The kingdom's Public Investment Fund sold a 10% stake in the firm through a secondary share offering, raising 2.3 billion riyals ($612 million). The fund sold 12 million shares through an accelerated bookbuild offering at 191 riyals each, a 9% discount to Thursday's closing price. Dubai's main share index (.DFMGI) fell 0.4%, hit by a 0.9% fall in blue-chip developer Emaar Properties (EMAR.DU).

☆ Most Gulf bourses fall after Fed warning
▼ + stars: | 2022-11-14 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Nov 14 (Reuters) - Most Gulf stock markets ended lower on Monday after a top U.S. central banker warned investors not to get carried away over one inflation number, while falling oil prices compounded concerns. Saudi Arabia's benchmark index (.TASI) fell 0.4%, hit by a 3% slide in the country's biggest lender Saudi National Bank (SNB)(1180.SE). The lender has agreed to invest 1.5 billion Swiss francs ($1.59 billion) in the Swiss bank and is set to take a stake of up to 9.9%. Since the October announcement, SNB has lost 39.94 billion riyals ($10.63 billion) from its market value. The kingdom's Public Investment Fund sold a 10% stake in the firm through a secondary share offering, raising 2.3 billion riyals ($612 million).

☆ Most Gulf bourses in black on Fed rate hopes
▼ + stars: | 2022-11-13 | by ( Ateeq Shariff | ) www.reuters.com time to read: +3 min

Nov 13 (Reuters) - Most stock markets in the Gulf ended higher on Sunday with Saudi Arabian shares snapping three sessions of losses, as soft U.S. inflation data fuelled hopes that the aggressive Federal Reserve rate stance might begin to ease. The Qatari stock market started the week positively as the world cup could provide strong support for the market and attract investors' attention, said Farah Mourad, Senior Market Analyst of XTB MENA. Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 1.9%, as most of the stocks on the index were in positive territory. According to analyst Mourad, the Egyptian stock market continues to benefit from the attention COP27 brought to the country. ($1 = 3.7590 riyals)($1 = 0.9417 Swiss francs)Reporting by Ateeq Shariff in Bengaluru;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Shares fall on weak earnings, volatile oil
▼ + stars: | 2022-10-30 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +3 min

Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually copy any monetary policy change in the United States. The benchmark index (<.TASI>) in Saudi Arabia declined 0.7%, pulled down by a 2% drop in SABIC Industries (<2010.SE>) shares after the company reported a lower quarterly profit. The petrochemical maker posted a quarterly net profit after zakat and tax payments of 1.84 billion riyals ($489.62 million), down from 5.6 billion riyals year ago. Another petrochemical maker Nama Chemicals (<2210.SE>) posted a quarterly loss of 5.4 million riyals compared to a profit of 4.9 million riyals year ago. Earlier, the company recorded 669.20 million Egyptian pounds ($28.12 million) during the first-quarter of fiscal year, an yearly increase of 98.97% from 336.33 million Egyptian pounds.

☆ Saudi bourse gains on strong earnings, oil prices; Qatar falls
▼ + stars: | 2022-10-23 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Oct 23 (Reuters) - Saudi Arabia's stock market ended higher on Sunday, in response to rising oil prices and strong earnings, while the Qatari index retreated amid falling natural gas prices. Post trading hours, the company reported a quarterly net profit of 269.9 million riyals ($71.82 million), up from 18 million riyals a year ago. Saudi National Bank (<1180.SE>), the country's biggest lender, inched 0.3% higher, after posting a net profit of 4.725 billion riyals ($1.26 billion) in the quarter, up from 3.98 billion riyals a year earlier. read moreThe Qatari index (<.QSI>) fell 0.5%, hit by a 1.1% fall in petrochemical maker Industries Qatar (<IQCD.QA>). "The commodity could extend losses as production outpaces expectations and warm weather limits demand, putting more pressure on the stock market," he said.

☆ Most Gulf markets subdued, Dubai set to snap four-day gaining streak
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

Oct 19 (Reuters) - Major Gulf stock markets eased in early trade on Wednesday, tracking oil prices lower, with the Dubai index on course to snap four sessions of gains. Crude prices, a key catalyst for the Gulf's financial markets, turned negative and extended losses from the previous session. The United Arab Emirates is committed to increasing its oil production capacity, energy minister Suhail al-Mazrouei said on Tuesday. read moreState-owned Abu Dhabi National Oil Company (ADNOC) is aiming to produce the cleanest barrel on the planet, he told reporters. read more($1 = 3.7565 riyals)Register now for FREE unlimited access to Reuters.com RegisterReporting by Ateeq Shariff in BengaluruOur Standards: The Thomson Reuters Trust Principles.

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