By Ateeq Shariff
April 22 (Reuters) - Most stock markets in the Gulf reversed earlier losses to close higher on Tuesday, helped by a slew of corporate earnings, although concerns persist over economic headwinds from tariffs and U.S. monetary policy.
Saudi Arabia's benchmark index .TASI rose 0.3%, with the country's biggest lender Saudi National Bank 1180.SE jumping 4% as the bank surpassed analysts' expectations for first-quarter profit.
Dubai's main share index .DFMGI gained 0.6%, led by a 1.8% rise in Emirates NBD ENBD.DU after the top lender beat first-quarter profit estimates, supported by strong growth in loans and interest income.
ENBD - whose total assets surpassed the 1 trillion dirham ($272.29 billion) milestone - reported net profit of 6.2 billion dirhams for the first quarter, beating analysts' expectations of about 5.1 billion dirhams.
In Abu Dhabi, the index .FTFADGI fell 0.3%.
U.S. President Donald Trump stepped up his criticism of Federal Reserve Chair Jerome Powell for not cutting interest rates in a social media post on Monday, raising concerns about the president's influence over the central bank.
The continued attacks on Powell increased worries about the Fed's independence and the path of monetary policy in the world's largest economy.
Oil prices - a catalyst for the Gulf's financial markets - rose due to short-covering, but traders remained worried about U.S. tariffs impacting fuel demand.
The Qatari index .QSI concluded 0.3% higher, with the Gulf's biggest lender Qatar National Bank QNBK.QA rising 0.8%, while Doha Bank DOBK.QA surged 6.6%, extending gains for a fifth session.
On Sunday, the bank reported first-quarter profit of 251.6 million riyals ($69.09 million), up from 231.3 million riyals a year earlier.
Outside the Gulf, Egypt's blue-chip index .EGX30 - which traded after a two-session break - dropped 0.7%, weighed down by a 2.3% slide in tobacco monopoly Eastern Company EAST.CA.
SAUDI ARABIA | .TASI rose 0.3% to 11,586 |
Abu Dhabi | .FTFADGI lost 0.3% to 9,249 |
Dubai | .DFMGI gained 0.6% to 5,134 |
QATAR | .QSI was up 0.3% to 10,139 |
EGYPT | .EGX30 down 0.7% to 30,844 |
BAHRAIN | .BAX eased 0.1% to 1,895 |
OMAN | .MSX30 was flat at 4,210 |
KUWAIT | .BKP fell 0.3% to 8,394 |
($1 = 3.6726 UAE dirham)
($1 = 3.6414 Qatar riyals)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Jan Harvey)
((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))
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