Feb 5 Reuters Saudi Arabia39;s stock market rose in early trading on Monday, driven by banking shares after upbeat earnings, while the Qatari benchmark extended losses in a broadbased retreat.

Saudi Arabia39;s benchmark index gained 0.6, with Al Rajhi Bank rising 0.6, while the country39;s biggest lender Saudi National Bank SNB was up 0.9.

SNB made a net profit of 20.01 billion riyals 5.34 billion in 2023, beating an average analyst estimate of 19.5 billion riyals, according to LSEG data.

Among other gainers, Bank Albilad advanced 4.4, after reporting a sharp rise in annual profit.

The lender also proposed a cash dividend of 0.50 riyal per share for 2023.

Separately, nonoil business activity in Saudi Arabia grew at its weakest rate in two years last month, a survey showed on Monday, as a sharp slowdown in new order growth indicated weakening demand.

Dubai39;s main share index  edged 0.2 higher, helped by a 0.5 rise in bluechip developer Emaar Properties.

In Abu Dhabi, the index rose 0.1.

Oil prices a catalyst for the Gulf39;s financial markets  nudged higher, recovering from sharp falls last week, after Washington pledged to launch further strikes on Iranbacked groups in the Middle East and as Ukrainian drones struck southern Russia39;s largest refinery.

The Qatari benchmark dropped 1.4, as all its constituents were in negative territory including the Gulf39;s largest lender Qatar National Bank, which was down 2.3.

Data on Friday showed U.S. job growth…