Saudi Arabia’s stock market ended higher on Sunday boosted by a slew of strong earnings, although the Egyptian bourse extended losses.
Saudi Arabia’s benchmark index gained 1.2%, buoyed by a 6% jump in Saudi British Bank, its biggest intraday gain since Dec. 2021, following a steep rise in first-quarter earnings.
The lender reported a quarterly net profit of 1.77 billion riyals ($471.99 million) up from 1 billion riyals year ago.
Major Gulf bourses mixed ahead of Fed rate decision
Among other gainers, oil giant Saudi Aramco advanced 2%.
Oil prices - a key catalyst for the Gulf’s financial markets - jumped on Friday on signs of economic strength, but registered their third weekly decline in a row.
The kingdom’s economy grew by 3.9% year-on-year in the first quarter of 2023, according to initial government estimates of real gross domestic product published on Sunday.
In Qatar, the index added 0.3%, with Qatar Islamic Bank climbing 2.7%.
However, the index’s gains were limited by a 1.1% fall in petrochemical maker Industries Qatar ahead of its earnings announcement.
MSCI’s gauge of stocks across the globe closed 1.43% higher on Friday as strong US jobs data brightened the economic outlook and traders pared expectations of Federal Reserve easing after a long spate of rate hikes.
Outside the Gulf, Egypt’s blue-chip index fell 0.4%, falling for a fifth consecutive session, with tobacco monopoly Eastern Company losing 1.8%.
Fitch downgraded Egypt to ‘B’ on Saturday with the outlook as negative. The ratings agency said external financial risk has increased.
SAUDI ARABIA rose 1.2% to 11,257
QATAR gained 0.3% to 10,673
EGYPT lost 0.4% to 17,235
BAHRAIN eased 0.3% to 1,900
OMAN down 0.1% to 4,717
KUWAIT was flat at 7,778
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