Mideast Stocks: Saudi extends gains, other markets ease ahead of earnings

Most property stocks up in Dubai

  
Screens within the Saudi stock exchange showing trading data. Image used for illustrative purpose.

Screens within the Saudi stock exchange showing trading data. Image used for illustrative purpose.

TADAWUL

Saudi Arabia's stock market rose for a sixth day with banks leading the rally on the back of a positive earnings outlook, while most other Gulf bourses fell back as investors await corporate results.

In Saudi Arabia the Tadawul main index rose 0.3%, continuing its winning streak for the sixth straight session. Lately the index has risen on the back of banks after EFG Hermes forecast a higher second-quarter profit for Saudi lenders.

National Commercial bank added 1.2%, while Riyad Bank gained 1.6% a day after it traded ex-dividend.

The Dubai index was up 0.4% due to strong real estate stocks, with Emaar PropertiesEMAR.DU rising 1.7%, and Dubai Investments  jumping 3.1%.

DXB Entertainment closed flat. The theme park company rose as much as 3.4% during the day after reporting a 5% growth in second-quarter visits compared to same period year ago.

In Abu Dhabi, the index slipped 0.3%, snapping nine straight days of gains, driven down by the country's largest lender First Abu Dhabi Bank, which fell 0.3% and Abu Dhabi Commercial Bank, which dropped 1.2%.

Kuwait's index declined 0.8%, its second day of loss following a surge in 11 straight sessions after MSCI's decision to move Kuwaiti equities to its main emerging-market index in 2020.

The index is still up more than 27% year-to-date outperforming its Gulf peers.

"GCC markets are being impacted by lower volumes in the summer to some extent. We see foreigners increasing their ownership in specific stocks," said Vrajesh Bhandari, senior portfolio manager, Al Mal Capital.

"Investors are awaiting full set of second-quarter results to form a clear view of which way the economies are headed and which companies are adapting better to the changing market conditions".

Qatar's index traded flat with Qatar National Bank gaining 0.5% and market heavyweight Industries Qatar was down 0.6%.

Egypt's blue-chip index slid 0.3% with Commercial International Bank shedding 1.2% and Juhayna Food losing 2.7%.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Toby Chopra) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))


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