Most stock markets in the Gulf ended higher on Monday, largely on the back of corporate earnings, although traders’ attention remained focused on the U.S. Federal Reserve and volatility in oil markets.
Saudi Arabia’s benchmark index gained 0.4%, buoyed by a 3.7% jump in Al Rajhi Bank after the lender proposed a half-yearly dividend of 1.15 riyal per share.
The Saudi bourse continued to see a strong performance thanks to solid local fundamentals as well as positive results from the banking sector, said Daniel Takieddine, CEO MENA at BDSwiss.
“Volatility in energy prices could affect the market to a certain extent, however.”
In Abu Dhabi, the benchmark stock index rose 1.2%, boosted by a 5.8% surge in the country’s biggest lender First Abu Dhabi Bank (FAB) following a sharp rise in quarterly earnings.
FAB said its second-quarter profit rose 61% from a year prior, as interest and non-interest income rose. The bank posted a net profit of 4.2 billion dirhams ($1.14 billion) for the quarter.
Dubai’s main share index edged 0.2% higher, with Emirates Central Cooling Systems Corp gaining 1.6%.
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 last Thursday, citing two sources with knowledge of the matter.
Outside the Gulf, Egypt’s blue-chip index fell 0.2%, weighed down by a 1.9% decline in Eastern Company.
The Egyptian stock market dropped as trading volumes continue to fall and as international investors maintained selling pressure, said Takieddine.
======================================== SAUDI ARABIA rose 0.4% to 11,802 ABU DHABI up 1.2% to 9,740 DUBAI gained 0.2% to 3,994 QATAR was flat at 10,497 EGYPT lost 0.2% to 17,550 BAHRAIN added 0.2% to 1,986 OMAN was flat at 4,799 KUWAIT dropped 1.1% to 8,068 ========================================
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