Bargain hunters lifted Saudi Arabia's bourse from an 11-week low on Monday despite lingering earnings concerns, and most other Gulf markets also gained.
Heavyweight Al Rajhi Bank was one of the top gainers, rising 1.5 percent and trimming October's declines to
3.1 percent. The bank reported a third-quarter net profit decline of 3.5 percent, missing estimates. The stock witnessed heavy selling pressure in recent sessions, on talks a major shareholder will sell its stake.
Analysts say the weak earnings were priced into the stock. "Rajhi's declining movement for the last two weeks priced in the results, that's why we're not seeing lower price today," said Faisal Al-Othman, portfolio manager at Riyadh-based Arab National Bank.
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