MIDEAST STOCKS-Most Saudi, Egyptian banks bask in global glow but Samba sold on weak Q2:
"The banking sector helped support stock indexes in Saudi Arabia and Egypt on Monday as investors were influenced by the positive mood in global bourses, while other markets in the region moved little. "With quarterly earnings now largely behind us, investors are looking for fresh triggers, and the optimism buzzing around global markets is just that," said a Riyadh-based broker. Sixty banks in the six-nation Gulf Cooperation Council have now reported second-quarter earnings and according to analysts at Oman's U-Capital, the sector's total net profit for the period was $7.85 billion, up 4.7 percent from a year ago."
'via Blog this'
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