DUBAI: Saudi Arabia's stock market ended higher on Tuesday, boosted by gains in the banking sector, while the Egyptian bourse retreated for a second straight session. The kingdom's benchmark index advanced 1.2%, with Al Rajhi Bank rising 3.2% and oil giant Saudi Aramco adding 0.6%.
Aramco is moving ahead with plans to boost crude output capacity by 1 million barrels per day (bpd) to 13 million bpd despite cuts in capital expenditure this year and next year, the state oil group's CEO Amin Nasser said on Monday.
Elsewhere, retailer Jarir Marketing Company gained 2.9% after proposing a dividend of 1.70 riyal per share for the second quarter, versus 1.40 riyal a year earlier. Dubai's main share index edged up 0.2%, as blue-chip developer Emaar Properties gained 0.8%.
A fall of 1.8% in shares of Air Arabia capped gains, however. The budget airliner swung to a second-quarter loss of 239 million dirhams after passenger traffic collapsed because of the Covid-19 pandemic, it said on Monday.
In Abu Dhabi, the share index added 0.3%, helped by a 2.9% rise in International Holding. The aquaculture firm on Monday reported a second-quarter net profit of 670.3 million dirhams ($182.50 million), up from 683,000 dirhams a year earlier.
The Qatari index ended up 1.1% after a broad-based rally, extending gains from the previous session. Petrochemical maker Industries Qatar jumped 5.3%, while Qatar Fuel was up 3%. Outside the Gulf, Egypt's blue-chip index eased 0.2%, hurt by a 1.1% drop in top lender Commercial International Bank.
Orascom Investment Holding, owned by billionaire Naguib Sawiris, surged 9.8% to become the top gainer on the index. The company's shift to profit in the first-quarter and its endeavor to divide the company into two separate entities is one of the reasons for the rise, said Mohamed Kamal, head of Corporates Department at Al-Rowad Securities Brokerage.
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