GCC stock markets opened mixed on October 23, reflecting a tug-of-war between rising oil prices and uneven corporate earnings results. While oil prices surged over 3% following U.S. sanctions on Russian oil firms that eased supply concerns, some key Q3 earnings reports disappointed investors.
Dubai’s main index edged up 0.2%, supported by strong financial sector performance, notably Emirates NBD, which reported a robust 23% increase in net profit for Q3, reaching 6.4 billion dirhams (about US $1.74 billion), surpassing expectations of 5.54 billion dirhams. Conversely, Saudi Arabia’s index slipped 0.2%, pressured by softer results from major players including energy giant Saudi Aramco, which saw some weakness despite the oil rally.
The mixed market reaction highlights ongoing investor caution as they balance optimism over higher oil prices against concerns about earnings sustainability in certain sectors.
