MIDEAST STOCKS-Gulf shares rise as focus shifts to corporate earnings - Reuters:
Gulf stocks traded higher on Monday, extending their
rally to a third day, supported by easing U.S.-Iran tensions and ahead of
corporate earnings.
The stock markets across the Gulf had fallen sharply on Jan. 8 after Iran
retaliated against the U.S. drone strike that killed an Iranian commander.
Saudi Arabia's index rose 0.8% as Arab National Bank
jumped 4.9% and Banque Saudi Fransi advanced 2.7%.
However, oil giant Saudi Aramco slipped 0.1% to 34.8 riyals
($9.28). Aramco shares have been volatile amid U.S.-Iran tensions and fell to 34
riyals on Jan. 8, its lowest since trading began on Dec. 11.
"GCC corporate profits are expected to increase by around 6.5% this year
with profits in Saudi Arabia forecast to be up 7.1%," said Tarek Fadlallah of
Nomura Asset Management Middle East, citing a Marmore Research note.
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