Mideast Stocks: Most major Gulf markets gain as financial shares rise

Saudi Arabia's benchmark index added 0.1%

  
Traders work at the Alistithmar Capital in Riyadh July 8, 2008.

Traders work at the Alistithmar Capital in Riyadh July 8, 2008.

REUTERS/Fahad Shadeed

Most major stock markets in the Gulf rose in early trade on Thursday, led by financial shares, while the Qatari index bucked the trend to trade lower.

Saudi Arabia's benchmark index added 0.1%, helped by a 0.3% gain in Al Rajhi Bank and a 0.7% rise in Saudi National Bank.

However, Saudi Dairy and Foodstuff Co declined 2.6% after it reported a fall in quarterly net profit.

In Abu Dhabi, the index rose 0.6%, with the United Arab Emirates' largest lender First Abu Dhabi Bank (FAB) rising 0.4% on posting an increase in second-quarter net profit.

National Bank Of Ras Al Khaimah jumped 4.3%. The lender also saw an increase in its quarterly net profit on Tuesday. 

Dubai's main share index edged up 0.1%, supported by a 1.1% gain in sharia-compliant lender Dubai Islamic Bank and a 0.8% increase in Emirates NBD Bank.

Elsewhere, blue-chip developer Emaar Properties added 0.5%.

Dubai residential property prices rose in April-June for a second straight quarter as demand picked up after the pandemic, consultancy Knight Frank said on Tuesday, although average prices are still 26% below the last market peak six years ago. 

The Qatari benchmark fell 0.3%, hit by a 1.6% fall in Commercial Bank, a day after it finished over 3% higher.

The lender on Wednesday recommended a shareholder meeting to increase foreign ownership limit to 100%. 

Among other losers, telecoms firm Ooredoo retreated about 1% after it posted a net loss of 1.15 billion riyals ($315.93 million) for the second-quarter, versus profit of 432 million riyals year ago. 

($1 = 3.6400 Qatar riyals)

(Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))


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