DUBAI: Saudi Arabian shares ended higher on Wednesday, outperforming other Gulf peers, buoyed by gains in banking shares, while Egypt's blue-chip index extended losses.
The kingdom's benchmark index advanced 1.5%, boosted by a 2.1% gain in oil giant Saudi Aramco and a 1.7% rise in Al Rajhi Bank. In August, the total value of shares traded on the Saudi stock exchange (Tadawul) amounted to 150.41 billion riyals ($40.10 billion), a 35.02% increase compared to the previous month. The biggest gainer on the benchmark index was Emaar The Economic City, up 9.9%, extending gains to a second straight session. On Tuesday, the developer entered a subscription agreement with Public Investment Fund (PIF), the kingdom's main sovereign wealth fund. The completion of the deal is subject to several conditions. Dubai's main share index added 0.3%, helped by a 1.4% rise in blue-chip developer Emaar Properties and a 1.3% increase in Emirates Integrated Telecommunications.
In Abu Dhabi, the index rose 0.5%, with telecoms firm Etisalat rising 0.9% and First Abu Dhabi Bank (FAB) was up 0.5%. FAB, the United Arab Emirates' largest lender, said on Tuesday it would open discussions with Israel lenders Bank Hapoalim and Bank Leumi, after the signing of a memorandum of understanding between the UAE central bank and the Israeli prime minister's office. The Qatari index lost 0.4%, pressured by a 1.5% fall in Qatar Fuel Company. Outside the Gulf, Egypt's blue-chip index slipped 0.2%, hurt by a 0.8% decline in top lender Commercial International Bank.
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