DUBAI: Most stock markets in the Gulf ended higher on Sunday, with the Saudi index hitting a near one-year high on the back of broad sectoral gains, while Egypt extended its losses to a third straight session.
Saudi Arabia’s benchmark index advanced 2.6%, the biggest intraday rise in about a year, with all of its constituents posting gains.
Al Rajhi Bank, the world’s largest Islamic lender, climbed 3.7%, and Saudi Aramco gained 1.8% on the first day of trade after a secondary share offering expected to raise at least $11.2 billion. The oil major’s shares jumped 5.7% compared with the offer price for the secondary sale.
Among other gainers, Miahona Holding surged 19.8% to 17.9 riyals per share. Shares in the water and wastewater infrastructure firm had started trading on Thursday following an initial public offering priced at 11.5 riyals.
The Qatari benchmark index rose 0.4%, extending its gain to a seventh session, the longest rally in six months. The index was lifted by gains in almost all sectors, with Industries Qatar adding 0.7% and Qatar Gas Transport advancing 2.4%.
Outside the Gulf, Egypt’s blue-chip index slipped for a third consecutive session to end 2.9% lower, with most sectors in the red.
Commercial International Bank dropped 2.8% and Talaat Mostafa Group slid 4 percent.
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