|30 September, 2019

Mideast Stocks: Banks buoy Saudi market, property shares aid Dubai

The Saudi Arabian index was up 0.5% as Al Rajhi Bank gained 0.6% and Jabal Omar Development advanced 2.8%

Saudi Arabia's stock market rose in early trade on Monday, buoyed by financial shares, while the Dubai index was driven up by gains in property shares.

The Saudi Arabian index was up 0.5% as Al Rajhi Bank gained 0.6% and Jabal Omar Development advanced 2.8%.

Walaa Cooperative Insurance jumped 4.9% to be the top gainer in the index. On Sunday, the insurer entered into a binding agreement to acquire all shares in Metlife AIG ANB in a share-swap deal. 

However, Metlife slid 0.2% in early trade.

Moody's said Saudi Arabia insurers' weaker profitability and capitalisation pressures would spur more consolidation in the sector. 

The Dubai index  increased 0.4% to snap a four-day losing streak. Dubai Financial Market ained 2.1%, while Emaar Malls was up 1.6%.

Union Properties rose 1% after its chairman Nasser Bin Butti withdrew his resignation, continuing in his post until the end of his term in April 2020. 

The Director General Of Dubai Economy said the government forecasts Dubai's GDP to grow 2.1% in 2019, 3.8% in 2020 and 2.8% in 2021.

Qatar's index inched up 0.1%, led by a 0.6% rise in market heavyweight Industries Qatar  and a 0.9% gain in Qatar Fuel.

In Abu Dhabi, the index slipped 0.1% with First Abu Dhabi Bank, the largest bank in the United Arab Emirates, falling 0.3%, and Abu Dhabi National Energy Company plunging 7.2%.

(Reporting by Ateeq Shariff in Bengaluru; editing by David Evans) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

More From Equities