Saudi stocks bounce back, major Gulf markets end mixed

Read Time:1 Minute, 25 Second

Saudi Arabian shares closed higher on Tuesday, snapping three straight sessions of losses, while major Gulf stock markets ended the day mixed.

Saudi Arabia’s benchmark index (.TARSI) closed about 0.8% higher after three days of declines triggered by regional tensions with Yemen’s Iran-aligned Houthis, who claimed responsibility for drone attacks in several parts of the kingdom, including at Saudi Aramco facilities in Jeddah.

Market-heavyweight Al Rjahi Bank (1120.SE) rose 2.1% and Saudi Arabian Mining (1211.SE) jumped 4.5%, while the oil giant Saudi Aramco (2222.SE) gained 1%.

In Abu Dhabi, the index (.ADI) gained nearly 0.8% as Emirates Telecommunications Group (Etisalat)(ETISALAT.AD) increased 2.8% and International Holding Company (IHC.AD) rose 2%.

Etisalat rose for a third straight day, riding on last week’s agreement to acquire Dubai-based grocery delivery platform elGrocer DMCC.

The Dubai index (.DFMGI) fell 0.9% in its third straight day of decline, as property and financial shares weighed the most.

Emaar Properties (EMAR.DU), which completed a merger with its shopping malls operator unit Emaar Malls, fell 2%, while lenders Dubai Islamic Bank and Emirates NBD (ENBD.DU) dropped 1.9% and 1.8%, respectively.

The Qatari index (.QSI) closed 0.1% lower. Islamic lender Masraf Al Rayan (MARK.QA) led losses, falling 1.5%, while Industries Qatar (IQCD.QA)added 0.7%.

Outside the Gulf, the Egyptian blue-chip index (.EGX30) edged up 0.1%. Real estate investor TMG Holding (TMGH.CA) and investment bank EFG Hermes Holdings (HRHO.CA) climbed 2.5% and 1.6%, respectively.

However, the gains were capped by a 0.6% fall in the country’s largest lender Commercial International Bank Egypt (COMI.CA).

source: Reuters

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %