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Most Gulf stock markets advanced on Tuesday, led by Qatar, whose stock index has reached its highest level in more than five months because of strong corporate financial results, while prices oil boosted Saudi petrochemical stocks. Up 1.4% to 9396 points, reaching its highest level since January 30 this year, according to Reuters.
The gains were boosted by Qatar National Bank gaining 2.2% and Qatar Industries up 2.1%.
QNB Financial Services said in a note that the banks they cover will see their profits rise by 18.4% year-on-year, mainly because of the underlying impact of the Commercial Bank of Qatar.
Commercialbank, Qatar's third-largest bank, posted a 58.4% drop in net income for the second quarter of 2017, while expectations exclude Qatar National Bank (QNB), which will release its financial results Wednesday.
For the results of companies in other sectors outside the banking sector, the brokerage firm expects an increase of 30.1% in annual profits during the second quarter.
QNB analysts said in the note: "Currently, valuations are attractive relative to the price multiplier for expected earnings in the region, and dividends are still high relative to the region."
The main index of Saudi Arabia rose by 1.1% thanks to petrochemical recovery supported by rising oil prices, while Saudi Kayan Petrochemical Co gained 1% to 16% , 88 SAR.
Goldman Sachs said in a report this week that he had raised the target price of Qian to 18.5 riyals in the 12 months against 16.9 riyals, saying that this would reflect a rise in commodity prices. and lower expense costs.
Saudi Basic Industries Corp. (SABIC) grew by almost 1%, while financial institutions also grew, with Samba Financial Group gaining 3.5% and Al Rajhi Bank up 1.2%.
NBK's strong quarterly financial results contributed to the rise in the Kuwait Stock Exchange index and boosted earnings in other financial institutions.
The National Bank of Kuwait recorded a 16% increase in net profit in the second quarter compared to the previous year, pushing its stock up by 0.6%. Kuwait Finance House (KFH) gained 1.5% and Gulf Bank's share rose 1.7%.
The general market index of Abu Dhabi rose by 1.1%, supported by gains in real estate and financial stocks. Aldar Properties grew by 2.4% and Abu Dhabi First Bank by 1.6%. Real estate values in Dubai also rose, leading to a 0.7% rise in the emirate index.
In contrast, Anatolia reported that the Muscat Securities Market index fell 0.42% to 4498 points, the financial sector falling 0.65% and the industrial sector 0.49% and the service 0.47%.
The Jordan Stock Exchange fell 0.11% to 2050 points, as the industry and services sectors fell 0.62% and 0.18%, respectively, against the rise in the market. ;tax.
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