DUBAI: Saudi and Egyptian stocks climbed on Sunday, supported by broad-based gains as investors returned from a week-long Eid break, while most Gulf bourses ended lower.
Saudi Arabia’s benchmark index rebounded after it hit a six-month low in the session before a holiday break, and ended 2% higher with most of its constituents posting gains.
Utility firm ACWA Power rose 10% and Saudi National Bank, the kingdom’s largest lender, advanced 3.6%, while oil major Saudi Aramco added 1.4%. Among other gainers, Rasan Information Technology, surged 10.6% to 53.20 riyals per share on its first trading day after its market debut on June 13. The fintech firm Rasan was 43.8% higher than its initial public offering price of 37 riyals. The Qatari benchmark index was up 0.2%, extending its gains for the fourteenth session, the longest rally in nearly a year.
Qatar International Islamic Bank rose 1.1%, while petrochemicals and fertilizers conglomerate Industries Qatar (IQ) and fuel distributor Qatar Fuel Co added 0.2% and 0.9% respectively.
IQ and Qatar Fuel’s largest shareholder, energy giant QatarEnergy has entered into a long-term agreement to supply ENEOS Corporation, a refining and petrochemical company based in Japan, with up to 9 million tons of naphtha over 10 years.
Outside the Gulf, Egypt’s blue-chip index advanced for a fifth consecutive session to end 2.4% higher, with almost all stocks on the index posting gains. EFG Holding climbed 6.3% and Telecom Egypt rose 7%.
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