Mideast Stocks: Major Gulf markets mixed, with banks pushing Saudi index higher

The Saudi index rose 0.7%, with Al Rajhi Bank rising 0.8% and Saudi National Bank, the largest lender, up 1.7%


Major Gulf stock markets were mixed on Tuesday, with the Saudi benchmark index leading gains on the back of a strong financial sector.

The index rose 0.7%, with Al Rajhi Bank rising 0.8% and Saudi National Bank  the largest lender, up 1.7%.

Among other gainers, Dallah Healthcare leapt over 5%, following a rise in quarterly net profit.

The kingdom's economy grew in the second quarter for the first time since the coronavirus pandemic began, fuelled by 10.1% growth in the non-oil sector, according to flash government estimates on Monday.  

The economy contracted last year due to the twin shock of the pandemic and lower oil prices.

Dubai's main share index eased 0.1%, hit by a 0.4% decrease in Emirates NBD Bank and a 1.4% decline in Air Arabia.

The budget airliner swung to a second-quarter net profit, but a decrease sequentially in earnings.

Separately, the Saudi Exchange on Monday announced the listing of Banan Real Estate on the parallel market on Aug. 11.

The Abu Dhabi index added 0.1%, helped by a 0.2% increase in the country's largest lender, First Abu Dhabi Bank.

Abu Dhabi National Oil Company for Distribution gained 0.5% as the firm reported an increase in quarterly net profit.

The Qatari benchmark lost 0.3%, with petrochemicals maker Industries Qatar losing 0.6%

(Reporting by Ateeq Shariff in Bengaluru; Editing by Nick Macfie) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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