|14 January, 2020

Mideast Stocks: Saudi gains on banks and petchems, Kuwait outperforms

Saudi Arabia's index was up 0.4%, led by gains in financial and petrochemical shares

Most Gulf stock markets rose on Tuesday ahead of corporate earnings announcements, while Kuwait outperformed as it reopened after a two-session break.

Saudi Arabia's index was up 0.4%, led by gains in financial and petrochemical shares. Al Rajhi Bank climbed 0.9%, while petrochemical firm Saudi Basic Industries added 0.3%.

Amongst others, United Wire Factories jumped 7.7% to 20.38 riyals, its highest since May 2017 after it reported a surge in its annual profit.

However, state-owned oil giant Saudi Aramco slipped 0.1% to 34.7 riyals.

Kuwait's index, which was closed in the last two sessions following the death of Oman's Sultan Qaboos bin Said, opened up 1.4%. Ahli United Bank rose 3.3% and National Bank of Kuwait added 1.1%.

Dubai’s index was up 0.6% as blue-chip developer Emaar Properties gained 1.7% and Emirates NBD edged up 0.4%.

In Abu Dhabi, the index rose 0.3% with the country's largest lender First Abu Dhabi Bank also adding 0.3%.

In Qatar, the index traded flat as lender Masraf Al Rayan dropped 1%, while Qatar National Bank was up 0.2% with the Gulf's largest lender due to report its annual results later on Tuesday, kicking off banks' earnings in the region.

($1 = 3.7514 riyals)

(Reporting by Maqsood Alam in Bengaluru; Editing by Susan Fenton) ((Maqsood.Alam@thomsonreuters.com;))

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