Mideast Stocks: Saudi stocks gain on corporate announcements while Gulf peers fall

Saudi Arabia's index was up 0.3% led by a 0.7% rise in Al Rajhi Bank


Saudi Arabian shares rose on Tuesday buoyed by positive corporate announcements, while other major Gulf markets moved lower.

Saudi Arabia's index was up 0.3% led by a 0.7% rise in Al Rajhi Bank . The lender said it received central bank's approval for appointment of Walid Bin Abdullah Al-Moqbel as CEO. Abdullah Al Othaim Markets jumped 5.3% after reporting a 38.8% rise in the third-quarter profit, while Company For Cooperative Insurance (Tawuniya) gained 3.5% as it swung to pre-zakat profit in third-quarter.

City Cement surged 7.2% after its board proposed to reduce its capital saying it had more than it required. On Sunday, the cement maker reported 50.5 million riyals ($13.47 million) of profit in the third quarter against a 2.4 million riyal loss a year earlier.

Elsewhere, Saudi Arabia's non-oil private sector growth rate rose to a four-year high in October as new business rose at its highest pace in four months, a survey showed on Tuesday.

The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) rose to 57.8 in October from 57.3 in September. Any reading above the 50 mark indicates expansion.

Dubai's main share index slipped 0.4%. Emirates NBD shed 0.9%, while developer Emaar Properties fell 0.7%.

In Qatar, the index fell 0.2% after two straight sessions of gains, as most of its constituents traded lower.

Commercial Bank led losers with a 0.9% drop, while Qatar Insurance fell 1.2%.

In Abu Dhabi, the index was flat with First Abu Dhabi Bank slipping 0.1%. Abu Dhabi National Energy plunged 6.7% ahead of its board meeting on Wednesday where it will approve company's third-quarter earnings.

($1 = 3.7501 riyals) (Reporting by Maqsood Alam in Bengaluru, editing by Louise Heavens)

© Reuters News 2019

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