Most Gulf bourses rise; Egypt drops

Most stock markets in the Gulf ended higher on Sunday, amid rising oil prices, while the Saudi index slid after some weak corporate earnings.

Oil prices, a catalyst for the Gulf's financial markets, rose on Friday on stronger Chinese economic data and the ongoing Middle East conflict, with Brent BRN1! settling at $84.24 a barrel.

The Qatari benchmark index GNRI was up 0.1%, supported by a gain of 0.7% in Industries Qatar IQCD and a 0.8% rise in Qatar Islamic Bank QIBK.

Saudi Arabia's benchmark index TASI slipped for a second straight session and ended 0.6% lower, weighed down by losses in almost all sectors.

ACWA 2082 slid 4.7%, after the private utility firm reported on Thursday a 54% decrease in its first quarter net profit sequentially. However, its quarterly profit inched up 9.8% year on year.

Among other fallers, Mobile Telecommunication Company Saudi Arabia 7030 known as Zain KSA, fell 1.5% after it posted a 94.1% decline in its quarterly net profit.

Outside the Gulf, Egypt's blue-chip index EGX30 dropped 3.3%, with most of its constituents posting losses, led by real estate, materials and healthcare stocks.

Talaat Mostafa Group TMGH slipped 6.3% and Abu Qir Fertilizers ABUK lost 5.2%. However, Abu Dhabi Islamic Bank Egypt ADIB gained 2.4% after it reported 110% surge in its quarterly net profit.