Mideast Stocks: #Saudi outperforms Gulf bourses, Egypt extends losses | ZAWYA MENA Edition

Mideast Stocks: Saudi outperforms Gulf bourses, Egypt extends losses | ZAWYA MENA Edition:



Saudi Arabian shares ended higher on Tuesday, outperforming Gulf peers, buoyed by gains in banking shares, while property shares supported the Dubai index.

The kingdom's benchmark index rose 0.8%, with Al Rajhi Bank gaining 1% and Saudi Telecom Company advancing 2.8%.

Elsewhere, Saudi Chemical Company surged 10%, to become the top gainer in the index, after the firm signed a memorandum of understanding with the Russian Direct Investment Fund to provide coronavirus vaccine in the kingdom.

Dubai's main share index closed up 0.5%, driven by a 3.5% rise in Emaar MallsEMAA.DU and a 0.7% increase in blue-chip developer Emaar Properties.

Shares in Emirates Integrated Telecommunications (du) DU.DU advanced 1.7%, after the country’s second largest telecoms company agreed to sell its 26% indirect stake in Khazna Data Centre for 800 million dirhams ($217.82 million), which will result in a net profit of 521 million dirhams.

In Abu Dhabi, the index slipped 0.1%, with the country's largest lender First Abu Dhabi Bank falling 0.7%.

Abu Dhabi National Oil Company for Distribution, which leapt 5.5% in the previous session, retreated 0.9%.

Abu Dhabi National Oil Company (ADNOC) completed a placement to institutional investors of 1.25 billion shares in ADNOC Distribution.

The Qatari index edged up 0.2%, helped by a 1.9% gain in petrochemical maker Industries Qatar .