Major Gulf bourses rise on strong earnings, China stimulus optimism

Most stock markets in the Gulf rose on Wednesday as strong corporate earnings and pledges by Chinese authorities to shore up the economy lifted investor sentiment, reports Reuters.
In China, the world's second-largest economy and second-biggest oil consumer, leaders pledged to step up policy support for the economy amid a tortuous post-COVID recovery, focusing on boosting domestic demand.
The Qatar benchmark index rose 0.8 per cent, and all sectors traded in green with Commercial Bank climbing 1.5 per cent and Doha Bank gaining 1.8 per cent.
Qatar National Bank, the Gulf's largest lender, added 0.8 per cent and index heavyweight Qatar International Islamic Bank gained 0.3 per cent after it posted a rise in half-yearly net profit.
Dubai's benchmark stock index rose 0.2 per cent, lifted by gains in finance and industry sectors, with Gulf Navigation surging 9.5 per cent and Taaleem Holding adding 3 per cent.
The Emirate's largest lender Emirates NBD climbed 1.2 per cent.
In Abu Dhabi, the benchmark stock index added 0.1 per cent, helped by a 1.5 per cent increase in Fertiglobe and 0.4 per cent rise in the UAE's largest bank First Abu Dhabi Bank.
National Marine Dredging advanced 5.4 per cent in early trade after the firm recorded a more than 70 per cent growth in its second-quarter net profit, while revenue jumped nearly 90 per cent year-on-year.
Saudi Arabia's benchmark stock index inched up 0.1 per cent with Dar Al Arkan Real Estate Development surging 2 per cent and Saudi Arabian Mining gaining 1.6 per cent.