Mideast Stocks: Major Gulf markets gain as focus shifts to earnings

Major stock markets in the Gulf ended higher on Sunday, boosting investor morale as earnings season in the region heated up, although a decline in oil prices weighed on sentiment.

Saudi Arabia's benchmark index <.TASI> edged 0.1% higher, with aluminium product manufacturer Al Taiseer Group <4143.SE> rising 0.3% and Al Rajhi Bank <1120.SE> closing 0.7% higher.

Among other gainers, Saudi Arabian Amiantit <2160.SE> advanced 5.2% after the pipe manufacturer swung to a quarterly profit of 5.1 million riyals ($1.36 million), from a loss of 10.1 million riyals a year earlier.

Elsewhere, Saudi Tadawul Group <1111.SE> - the owner of the Saudi Exchange - gained 1.8%, following a sharp rise in quarterly profit.

On the other hand, Sahara International Petrochemical <2310.SE> eased 0.7% after reporting a fall in quarterly net profit.

In Qatar, the index <.QSI> added 0.3%, with petrochemical maker Industries Qatar <IQCD.QA> putting on 1.1%.

However, Qatar International Islamic Bank <QIIB.QA> retreated 1.3%, ahead of its earnings release.

Oil prices - a catalyst for the Gulf's financial markets - settled more than $2 per barrel lower on Friday at their lowest level since mid-June as investors eyed a possible ceasefire in Gaza, while a strengthened dollar drove values down further.

Outside the Gulf, Egypt's blue-chip index <.EGX30> finished 0.5% higher, with top lender Commercial International Bank Egypt <COMI.CA> rising 1%.

Egypt will halt load-shedding power cuts during the summer as of Sunday, after some natural gas shipments arrived, Prime Minister Mostafa Madbouly said on Wednesday, in a bid to end a crisis that inconvenienced a population of 106 million.

($1 = 3.7508 riyals)

(Reporting by Ateeq Shariff in BengaluruEditing by Matthew Lewis)