DUBAI May 11: Gulf stock markets may consolidate with a firm bias on Wednesday after the Brent oil price jumped 4 percent on Tuesday and MSCI’s broad gauge of global stocks climbed nearly 1.1 percent, its best session in about a month.
Some Dubai companies have reported strong first-quarter earnings, though the increases were largely expected. Gulf Navigation posted a 28 percent jump in consolidated profit to 6.3 million dirhams ($1.7 million).
Amlak said total revenue in the quarter climbed to 363 million dirhams from 104 million dirhams a year earlier, although the rise was partly due to 134 million dirhams from the partial sale of land projects.
But Bahrain’s Al Baraka Banking Group reported a 5.1 percent fall in first-quarter net profit to $37.8 million,a deterioration from a 7.3 percent increase for profits in 2015.