Mideast Stocks: Major Gulf bourses gain as earnings boost Saudi index

Major Gulf stock markets ended higher on Monday

  
A Saudi trader monitors stocks at the Saudi Bank in Riyadh November 22, 2008. Image used for illustrative purpose.

A Saudi trader monitors stocks at the Saudi Bank in Riyadh November 22, 2008. Image used for illustrative purpose.

REUTERS/Fahad Shadeed

Major Gulf stock markets ended higher on Monday, with a slew of corporate earnings driving up Saudi shares.

Saudi Arabia's benchmark index rose 0.8%, with Al Rajhi Bank leaping 3.4% a day after it posted a 48% jump in quarterly profit, helped by an increase in net financing and investment income, and fees from banking services. 

Among other gainers, Saudi Telecom Co was up 0.7% following an increase in second-quarter net profit.

Dubai's main share index added 0.3%, with Emirates NBD Bank rising 1.5% and sharia-compliant lender Dubai Islamic Bank firming 0.8%.

In Abu Dhabi, the index reversed early losses to close 0.2% higher, supported by a 1% rise in the country's largest lender First Abu Dhabi Bank.

However, the index's gains were capped by declines at Emirates Telecommunication Group (Etisalat), which was down 0.4%.

In the previous session, Etisalat jumped more than 5% after reporting an increase in quarterly net profit and approving payment of an interim dividend of 40 fils per share for the first half of 2021. 

The United Arab Emirates will start providing China's Sinopharm 1099.HK COVID-19 vaccine to children aged between three and 17 years, the UAE government said on Twitter on Monday. 

The Qatari benchmark gained 0.8%, as most of its stocks were in positive territory including Islamic lender Masraf Al Rayan, which advanced 1.7%.

Outside the Gulf, Egypt's blue-chip index edged up 0.1%, with Ezz Steel gaining 6.3%.

The Egyptian Stock Exchange will lift the limit on intraday share price moves to 20% from September, the bourse said on Sunday.  ($1 = 3.6726 UAE dirham)

($1 = 3.7502 riyals)

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


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