Most Gulf markets gain as investors eye earnings; Saudi bourse slips on banks
Most Gulf stock markets ended higher on Tuesday on expectations of easing U.S.-China trade tensions ahead of key earnings, while Saudi Arabia’s index fell after disappointing results.
Dubai’s main index rose 0.4%, led by a 2.9% gain in Emirates NBD .
India’s RBL Bank said on Saturday that ENBD will buy a 60% stake in the private lender for $3 billion, calling it the largest cross-border acquisition in India’s financial sector.
Investors stayed cautious before results from real estate and banks that could set the market’s direction, Joseph Dahrieh, managing principal at Tickmill, said.
In Abu Dhabi, the index added 0.2%, helped by a 2.1% gain in ADNOC Drilling .
Investment firm Multiply Group gave up early gains to finish 0.3% lower.
International Holding Company - which owns Multiply Group - said its board approved plans to acquire investment platform 2PointZero and food company Ghitha Holding through a share swap.
Saudi Arabia’s benchmark index dropped 0.9%, hit by a 0.7% fall in sharia-compliant lender Al Rajhi Bank even after the lender posted strong third-quarter profit, with quarter-on-quarter growth in single digits.
Among other losers Yamama Cement Company plunged 10% - marking its biggest intraday fall since 2006 - following a more than 63% decline in third-quarter profit.
Most Gulf markets end lower on weak oil
Dahrieh said weak oil prices continue to weigh on sentiment.
The Qatari index was up 0.1%, with Qatar Islamic Bank gaining 0.9%.
Outside the Gulf, Egypt’s blue-chip index dropped 0.7%, snaping a 7-day winning streak - with Commercial International Bank losing 1.2%.
---------------------------------------- Saudi Arabia fell 0.6% to 11,546 Abu Dhabi rose 0.2% to 10,121 Dubai added 0.4% to 5,976 Qatar was up 0.2% to 10,809 Egypt dropped 0.7% to 37,698 Bahrain declined 1.1% to 1,969 Oman advanced 1.8% to 5,459 Kuwait gained 0.1% to 9,444 ----------------------------------------
Comments
Comments are closed for this article.