DUBAI: Saudi Arabia’s stock market ended higher on Tuesday, boosted by gains in the banking sector, while shares in the United Arab Emirates were subdued amid a spike in new coronavirus cases.
Saudi Arabia’s benchmark index advanced 1.4%, with Al Rajhi Bank rising 1.7% and Savola Group jumping 4.9%.
The kingdom’s non-oil private sector returned to growth in September for the first time in seven months, a survey showed on Monday, amid stronger demand after a loosening of lockdown measures imposed to stem the spread of the coronavirus.
In Qatar, the index closed up 0.6%, with petrochemical maker Industries Qatar rising 1.7%, while Qatar National Bank (QNB) firmed 0.9%.
QNB, the Gulf’s biggest lender, plans to raise a $3.5 billion loan with a group of banks, Reuters reported on Tuesday, citing four sources familiar with the matter.
Dubai’s main share index gave up early gains to close flat, with Emirates NBD Bank rising 1%.
The Abu Dhabi index eased 0.1%, hurt by a 1.1% fall in Abu Dhabi Commercial Bank and 0.2% decrease in the country’s largest lender First Abu Dhabi Bank.
Egypt’s blue-chip index climbed 1.3%, buoyed by a 1.4% rise in top lender Commercial International Bank.
The Arab state’s non-oil private sector grew in September, its first expansion in 14 months and a sign Egypt may be over the worst of a months-long coronavirus slowdown, a survey showed on Monday.—Reuters
Comments
Comments are closed for this article.