DUBAI: Stock markets in the Gulf ended higher on Monday, led by the Saudi index on strong corporate earnings, while investors awaited the US Federal Reserve’s policy meeting this week for further cues on its interest rate trajectory.
Saudi Arabia’s benchmark stock index ended five- session losing streak and rose 1.1%, the highest intraday rise in nearly a month with most of its constituents posting gains.
Al Rajhi Bank, the world’s largest Islamic lender, advanced 1.8% after it reported a 6% rise in quarterly net profit.
Among other gainers, Saudi National Bank, the Kingdom’s largest bank by assets, gained 1.1% after it posted a 0.4% rise in quarterly net profit.
The Qatari benchmark index was up for a second straight session and ended 0.8% higher, with Qatar Islamic Bank rising 1.1% and Industries Qatar gaining 2%.
Among other gainers, Qatar Gas Transport rose 2.4% after the LNG shipping firm posted an increase of 6.1% in quarterly net profit on Sunday.
Elsewhere, QatarEnergy, the world’s top LNG exporter, signed agreement with China State Shipbuilding Corp (CSSC) to build 18 ultra-large ships at a cost of $6 billion.
Dubai’s benchmark index rose 0.3%, supported by gains in communication, industry and finance sectors with toll operator Salik Company rising 1.5% and Mashreqbank adding 2.2%.
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