MIDEAST STOCKS-UAE rebounds, banks weigh on Saudi | Reuters

MIDEAST STOCKS-UAE rebounds, banks weigh on Saudi | Reuters:

"Gulf stock markets diverged on Monday, with the two main bourses in the United Arab Emirates recovering from losses in the previous session, while banks weighed on Saudi Arabia's index.

Riyadh's benchmark closed 0.1 percent lower, extending Sunday's 1.2 percent decline, as the banking sub-index sagged 0.7 percent. Samba Financial Group fell 0.7 percent.

But the market's other major sector, petrochemicals, edged up after Sahara Petrochemical reported that second-quarter net profit soared 746 percent to 96.4 million riyals ($25.7 million), much higher than NCB Capital's forecast of 66.8 million riyals."



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