AVN 67.44 Increased By ▲ 0.22 (0.33%)
BOP 9.94 No Change ▼ 0.00 (0%)
CHCC 130.51 Increased By ▲ 1.01 (0.78%)
DCL 11.30 Increased By ▲ 0.09 (0.8%)
DGKC 111.52 Increased By ▲ 0.20 (0.18%)
EFERT 60.90 Increased By ▲ 0.16 (0.26%)
EPCL 43.85 Increased By ▲ 0.35 (0.8%)
FCCL 21.58 Decreased By ▼ -0.02 (-0.09%)
FFL 18.68 Increased By ▲ 0.03 (0.16%)
HASCOL 22.29 Increased By ▲ 0.50 (2.29%)
HBL 134.40 Increased By ▲ 0.65 (0.49%)
HUBC 84.50 Increased By ▲ 0.32 (0.38%)
HUMNL 8.64 Increased By ▲ 0.11 (1.29%)
JSCL 29.17 Increased By ▲ 0.44 (1.53%)
KAPCO 28.48 Increased By ▲ 0.28 (0.99%)
KEL 4.25 No Change ▼ 0.00 (0%)
LOTCHEM 13.46 Increased By ▲ 0.07 (0.52%)
MLCF 39.74 Increased By ▲ 0.21 (0.53%)
OGDC 110.09 Increased By ▲ 0.28 (0.25%)
PAEL 38.01 Increased By ▲ 0.14 (0.37%)
PIBTL 14.20 Increased By ▲ 0.01 (0.07%)
PIOC 96.32 Increased By ▲ 0.22 (0.23%)
POWER 9.53 Increased By ▲ 0.05 (0.53%)
PPL 98.89 Increased By ▲ 0.21 (0.21%)
PSO 206.50 Increased By ▲ 0.73 (0.35%)
SNGP 64.15 No Change ▼ 0.00 (0%)
STPL 13.30 No Change ▼ 0.00 (0%)
TRG 57.66 Decreased By ▼ -0.02 (-0.03%)
UNITY 17.99 Increased By ▲ 0.21 (1.18%)
WTL 1.29 No Change ▼ 0.00 (0%)
BR100 4,439 Increased By ▲ 19.42 (0.44%)
BR30 22,677 Increased By ▲ 64.82 (0.29%)
KSE100 42,505 Increased By ▲ 170 (0.4%)
KSE30 18,046 Increased By ▲ 102.45 (0.57%)
COVID-19 TOTAL DAILY
CASES 288,047 747
DEATHS 6,162 9
Markets

Most Gulf markets gain; Saudi bourse slips

  • STC asks banks to pitch for subsidiary IPO –sources.
  • Saudi Chemical signs MoU for coronavirus vaccine.
  • Qatar cultivates first green bonds as QNB raises $600mn.
16 Sep 2020

Most Middle Eastern markets ended higher on Wednesday, with Bahrain outperforming the region, while bank stocks weighed on the Saudi index.

Saudi Arabia's benchmark index slipped 0.1% and snapped a four-session winning streak, weighed by Al Rajhi Bank's 0.4% fall and Riyad Bank's 1.3% tumble.

Saudi Arabia's largest telecoms operator Saudi Telecom Company (STC) gained 1% as STC has asked banks to pitch for roles in a potential public offering of its products and services development arm, Reuters reported, citing sources.

Saudi Chemical Company surged 9.9%, extending gains from the previous session, when the chemicals firm signed a memorandum of understanding with the Russian Direct Investment Fund to provide a coronavirus vaccine in the kingdom.

Dubai's main share index rose 0.4%, supported by a 2.1% gain in blue-chip developer Emaar Properties and a 3.4% leap in Emaar Malls.

The Abu Dhabi index slipped 0.1%, hurt by the country's largest lender First Abu Dhabi Bank 0.4% fall and Abu Dhabi Commercial Bank a 0.7% decrease.

In Qatar, the index added 0.5%, with Qatar Islamic Bank rising 1.1% and Qatar National Bank (QNB) , the Gulf's largest lender, gaining 0.8%.

On Tuesday, Qatar saw its first green bond issue when Qatar National Bank sold $600 million of the notes, making it only the second commercial bank in the Gulf to venture into the green market.

Bahrain, which signed agreements on Tuesday along with the United Arab Emirates to establish formal ties with Israel, the index advanced 1.2%, outperforming regional peers.

Outside the Gulf, Egypt's blue-chip index closed up 0.6%, with top lender Commercial International Bank gaining 1%.

Comments are closed on this story.