Mideast Stocks- Banks boost Saudi index; other Gulf markets down | ZAWYA MENA Edition:
Saudi Arabia's stock market rose sharply on Sunday, lifted by cheaper valuations and a delay in Aramco's IPO, while other major Gulf markets were mostly weighed down by shares of financial institutions.
The Saudi market rose 2%, extending gains for a third straight session with all banking stocks higher. The kingdom's largest lender by assets National Commercial Bank jumped 5.3%, its biggest intraday gain since September 2018. Al Rajhi Bank closed 1,7% higher.
Akber Khan, head of asset management at Al Rayan Investment in Doha noted that before the Tadawul index began to rally last week, it had fallen almost 20% in the previous 3 months, with half of that in October alone, bring valuations for many stocks to compelling levels.
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