BR100 3,788 Decreased By ▼ -12 (-0.31%)
BR30 19,397 Decreased By ▼ -41 (-0.21%)
KSE100 36,679 Decreased By ▼ -66 (-0.18%)
KSE30 15,893 Decreased By ▼ -34 (-0.22%)
COVID-19 TOTAL DAILY
CASES 255,769 2165
DEATHS 5,386 66
Sindh 107,773 Cases
Punjab 88,045 Cases
Balochistan 11,239 Cases
Islamabad 14,315 Cases
KP 31,001 Cases
Markets

Saudi edges up on strong earnings, Dubai extends gains

Saudi Arabian stocks edged up on Tuesday, recovering from the previous session's biggest single-day loss in a month, as

30 Jul, 2019

Saudi Arabian stocks edged up on Tuesday, recovering from the previous session's biggest single-day loss in a month, as strong earnings from two lenders boosted most bank shares.

Dubai's bourse consolidated gains after touching nearly a year-high on Monday.

The Saudi index was up 0.1%. Al Rajhi Bank gained 1% after it posted a more than 4% rise in second-quarter profit, as revenue from special commissions and investments increased.

Riyad Bank gained as much as 2.4% after its profit surged over the same period on a 22.9% jump in operating income, but traded unchanged at the close.

Outside banks, Yamama Cement jumped 4.4% after turning profitable in the second quarter on higher sales and lower expenses, while Saudi Ground Services, which posted a higher quarterly profit, rose 2.9%.

By contrast PetroRabigh slumped 8.8% as it slipped to a second-quarter loss from a profit a year earlier.

Dubai's index rose 1.1%, boosted by real estate and financial stocks.

Emaar Properties gained 1.5%. The blue-chip developer has risen in recent sessions after signing a memorandum of understanding concerning an $11 billion project at Beijing's new airport.

Dubai Financial Market jumped 5.1% to its highest level since Sept. 16 last year, after higher second-quarter profit triggered a seven-day rally.

In Abu Dhabi, the index closed 0.6%. Emirates Telecom Group slipped 1.4% and the United Arab Emirates' biggest lender, First Abu Dhabi Bank, edged down 0.5%.

Qatar's index slipped 0.1%, primarily driven by a 2% fall in Qatar Islamic Bank. Qatar First Bank plunged 7% to another record low after the company drifted to a first-half loss, having scored a profit in the first quarter.

The market received some support from telecommunications firm Ooredoo, which traded 2% up after reporting a higher second-quarter profit.

Egypt's blue-chip index was down 0.4%, with El Sewedy Electric dropping 7.9%.

Copyright Reuters, 2019