Middle Eastern equity markets were mixed on Sunday as investors weighed earnings and after shares in developing economies rose to a record high last week.
Saudi Arabia’s Tadawul All Share Index gained as much as 0.8%, with Al Rajhi Bank and Saudi Basic Industries contributing the most to the increase. Benchmarks in the United Arab Emirates, Oman and Qatar fell as much as 0.4%, while those in Bahrain and Kuwait were little changed.
Saudi shares rose in the wake of the MSCI Emerging Markets Index touching its highest level yet late last week, gaining on optimism over fiscal stimulus in the U.S. and coronavirus vaccine rollouts. Oil in London also climbed for a fourth straight week amid supply cuts by major producers and a recovery in U.S. demand.
In Dubai, Damac Properties PJSC fell close to 5% and dragged down the main index after posting a loss in 2020. The company’s chairman said it’ll take at least one to two years for the United Arab Emirates’ real estate market to get out of its downturn.
- Damac FY Loss 1.04b Dirhams vs Loss of 37m Y/y; Est. Loss of 904m
- Yanbu Cement FY Profit Misses Estimates
- Leejam Sports FY Loss Misses Estimates
- Mabanee FY Net Income 21.6M Dinars Vs. 56.4M Dinars Y/y
- Burgan Bank FY Net Income Beats Estimates
- Al Ahli Bank Of Kuwait FY Net Loss 69.7M Dinars
- Waha Capital FY Profit 231m Dirhams Vs. Loss 616.3m Y/y
- Div.: 0.06 Fils/Share for 2020
- Alinma Bank FY Profit 1.97b Riyals, -30% Y/y; Est. 2.07b
- Amlak Finance FY Loss 438m Dirhams, +37% Y/y
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