Saudi stocks rose in early trade on Monday, supported by gains in banking shares and corporate earnings, while other major Gulf markets moved lower.
Saudi Arabia’s benchmark index rose 0.2%. On Sunday, it posted its sharpest intraday fall since late August after oil giant Saudi Aramco disclosed its intention to list shares.
Aramco on Sunday announced its intention to float on the domestic stock market in what could be the world’s biggest listing as the kingdom seeks to diversify its economy away from oil.
Banque Saudi Fransi advanced 1.2% and National Commercial Bank was up 0.5%.
Seera Group Holding rose 3% after it turned to profit in the third quarter. The travel operator posted a 64 million riyal ($17 million) profit, which it attributed to growth in online travel and car rental as gross bookings increased 6% to 3.3 billion dirhams.
Saudi Research and Marketing Group jumped 5.3% and Saudi Re for Cooperative Reinsurance gained 3.3% as the two companies reported higher third-quarter profit.
Dubai’s index fell for a third day, led by a 2.2% decline in Emirates NBD, extending losses from the previous session when it logged its biggest fall in 10 months.
On Sunday, Dubai Financial Market said investors would have to pay an additional 8.5 dirhams per share to buy the lender’s rights.
Last month, the bank downsized its rights issue to up to 6.45 billion dirhams from 7.35 billion dirhams that the general assembly had approved in February.
Emaar Malls, however, gained 1.6% after it posted a 12.1% rise in third-quarter profit to 602 million dirhams ($163.9 million). The shopping mall operator’s parent company, Emar Properties, was up 0.2%.
Qatar’s index edged down 0.3%, with Industries Qatar decreasing 1.3% and Mesaieed Petrochemical Holding shedding 1.6%.
Abu Dhabi’s index was down 0.2% as Abu Dhabi Commercial Bank dropped 1.1%, while Emirates Telecommunications Group was down 0.2%.
$1 = 3.6728 UAE dirham $1 = 3.7500 riyals
Reporting by Maqsood Alam in Bengaluru; Editing by Dale Hudson
© Reuters News 2019