Mideast Stocks: Saudi index hits 15-year peak as most Gulf bourses gain

Saudi Arabia's benchmark stock index rebounded 0.4%


Saudi stocks scaled a more than 15-year high on Tuesday, rising for a fifth session in six and leading gains in the Gulf as crude oil prices reversed earlier losses.

Oil prices recouped earlier losses as falling temperatures in China, the world's biggest energy consumer, revived concerns about its ability to meet heating demand needs amid power and coal shortages.  

Saudi Arabia's benchmark stock index rebounded 0.4%, touching its highest since July 2006, bolstered by a 2.2% gain in Al Rajhi Bank and a 0.5% rise in top lender Saudi National Bank.

Telecom firm Etihad Etisalat advanced 1.8% after reporting a rise in quarterly profit. 

The kingdom's crude oil exports rose in August for a fourth consecutive month to the highest since January 2021, the Joint Organisation Data Initiative said on Monday. 

Dubai's main share index added 0.3%, helped by a 0.8% rise in sharia-compliant lender Dubai Islamic Bank and a 0.5% increase in blue-chip developer Emaar Properties.

However, Emirates NBD Bank eased 0.4% ahead of its earnings announcement.

Dubai has signed an accord to build infrastructure in Jammu and Kashmir, the Indian government said on Monday, at a time when the Himalayan region is seeing a resurgence in violence.

In Abu Dhabi, the index fell 0.2%, hit by a 0.3% drop in First Abu Dhabi Bank, the country's largest lender, and a 1.4% decline in Alpha Dhabi Holding.

Index publisher FTSE Russell has added ADNOC Drilling to three of its global equity indexes, according to a statement from ADNOC Drilling. 

Shares of ADNOC Drilling were trading flat.

The Qatari benchmark gained 0.2%, with the Gulf's biggest lender Qatar National Bank adding 1%.

Among others, Islamic lender Masraf Al Rayan inched 0.1% higher in choppy trade, following a slight decrease in its third-quarter profit.

Masraf Al Rayan's third-quarter earnings came broadly in-line with estimates and the results were somewhat lacklustre, QNB Financial Services said in a research note.

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

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