Major stock markets in the Gulf rose in early trade on Monday, largely supported by corporate earnings, with the Qatari index on course to gain for a ninth session.
Saudi Arabia’s benchmark index edged 0.3% higher, helped by a 2% rise in Al Rajhi Bank after the lender proposed a first-half dividend of 1.15 riyal per share.
On the other hand, oil behemoth Saudi Aramco lost 0.5%. Oil prices - a key catalyst for the Gulf’s financial markets - eased as traders awaited more rate hike cues from the US and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a barrel.
Dubai’s main share index gained 0.4%, with top lender Emirates NBD and sharia-compliant lender Dubai Islamic Bank up 0.9% each.
Dubai’s Roads and Transport Authority (RTA) has invited investment banks to pitch for roles in the planned initial public offerings of its taxi and parking businesses, Reuters reported on Thursday, citing two sources with knowledge of the matter.
Most Gulf markets in red; Qatar extends gains
In Abu Dhabi, the index was up 0.6%, buoyed by a 2.7% jump in First Abu Dhabi Bank (FAB).
FAB, the United Arab Emirates’ biggest lender, last week said its second-quarter profit rose 61% from a year ealier, as interest and non-interest income rose.
The Qatari index was up 0.4%, on course to gain for a ninth session, with petrochemical maker Industries Qatar advancing 0.9%.
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