MIDEAST STOCKS- #Saudi stocks gain on corporate announcements while Gulf peers fall - Reuters

MIDEAST STOCKS-Saudi stocks gain on corporate announcements while Gulf peers fall - Reuters:

Saudi Arabian shares rose on Tuesday buoyed by positive corporate announcements, while other major Gulf markets moved lower.

Saudi Arabia’s index was up 0.3% led by a 0.7% rise in Al Rajhi Bank . The lender said it received central bank’s approval for appointment of Walid Bin Abdullah Al-Moqbel as CEO. Abdullah Al Othaim Markets jumped 5.3% after reporting a 38.8% rise in the third-quarter profit, while Company For Cooperative Insurance (Tawuniya) gained 3.5% as it swung to pre-zakat profit in third-quarter.

City Cement surged 7.2% after its board proposed to reduce its capital saying it had more than it required. On Sunday, the cement maker reported 50.5 million riyals ($13.47 million) of profit in the third quarter against a 2.4 million riyal loss a year earlier. 


Elsewhere, Saudi Arabia’s non-oil private sector growth rate rose to a four-year high in October as new business rose at its highest pace in four months, a survey showed on Tuesday.