|07 November, 2019

Mideast Stocks: Banks bolster Saudi index; other major Gulf markets dip

Saudi Arabia's stock market rose on Thursday, buoyed by banking shares and corporate earnings

Investors talk as they monitor screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh.

Investors talk as they monitor screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh.

REUTERS/Faisal Al Nasser

Saudi Arabia's stock market rose on Thursday, buoyed by banking shares and corporate earnings, while other major Gulf markets were subdued.

Saudi Arabia's benchmark index was up 0.6%, with Al Rajhi Bank increasing 1% and Saudi Basic Industries adding 1.1%.

Middle East Healthcare jumped 8.2% after it posted a sharp rise in third-quarter net profit attributed to a decrease in general and administrative expenses.

National Medical Care advanced 2.6%, following a surge of more than 45% in third-quarter net profit.

In Qatar, the index slipped 0.2%, led by a fall of 0.9% in Qatar National Bank and a drop of 1.5% in Mesaieed Petrochemical.

The Dubai index edged down 0.1%, as Emirates NBD Bank dropped 1.8% and Emaar Malls was down 1%.

However, Dubai Financial Market gained 1.2%, as it reported third-quarter net profit of 30.4 million dirhams ($8.28 million), up from 20.9 million a year earlier.

In Abu Dhabi, the index also opened down 0.1%, with telecoms firm Etisalat shedding 0.4%, while Abu Dhabi National Energy Company plunged 5.8%.

On Wednesday, the energy firm posted third-quarter net loss of 16 million dirhams, versus a profit of 153 million a year ago. ($1=3.6728 UAE dirham) (Reporting by Shamsuddin Mohd in Bengaluru)

© Reuters News 2019

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