Most major stock markets in the Gulf rose in early trade on Monday with the Saudi index on course to snap seven sessions of losses led by a rise in oil giant Saudi Aramco.
Saudi Arabia’s benchmark index advanced 0.6%, on track to end a seven-day losing streak, led by a 1.4% gain in Saudi Aramco.
Aramco reported net profit of 112.81 billion riyals ($30.07 billion) for the second-quarter, down from 181.64 billion riyals a year earlier, it said in a statement, beating a company-provided median estimate from 15 analysts of $29.8 billion.
The group declared a base dividend of just over $19.51 billion for the second quarter, roughly in line with its payout for the first quarter.
It also said it will begin paying performance-linked dividends for six quarters, starting with a $9.87 billion payout in the third quarter.
Elsewhere, Al Etihad Cooperative Insurance advanced 10%, to become the top gainer on the index, after it swung to quarterly profit.
The Abu Dhabi index edged 0.2% higher, with the country’s biggest lender First Abu Dhabi Bank rising 0.8%.
ADNOC Gas retreated 1.4%, after the energy firm reported on Friday a 24% slide in second-quarter revenue.
Dubai’s main share index added 0.1%, with Mashreq Bank gaining 6.2%.
Oil prices - a key catalyst for the Gulf’s financial markets - edged down but were still near their highest levels since mid-April after top producers Saudi Arabia and Russia pledged to keep supplies down for another month to tighten global markets further and support prices.
In Qatar, the index eased 0.1% in choppy trade, weighed down by a 1.4% fall in petrochemical maker Industries Qatar.
Comments
Comments are closed for this article.