Most stock markets in the Middle East advanced after a week-long break on Sunday, the first day of trading since OPEC and its allies agreed a deal to boost production. A recovery in earnings also boosted regional equities.
- Saudi Arabia’s benchmark Tadawul All Share Index rises 0.8%, the most since June 13
- Al Rajhi Bank +1.1%; Saudi Electricity +5.2%; Maaden +5.1%; Saudi Research +10%
- The Tadawul Materials sub-index rises 1.7% to the highest level on record as petrochemical stocks gain
- Methanol Chemicals rises 4% to highest since October 2014 after reporting 2Q profit of 60.2 million riyals vs loss of 31.3 million riyals year ago
- Abu Dhabi’s ADX General Index closes at a record high
- “Earnings recovery is definitely helping the markets in Abu Dhabi,” said Harshjit Oza, head of research at Abu Dhabi-based International Securities
- “We are expecting sequential improvement in earnings for the banking sector names in Abu Dhabi,” he said
- ADCB jumps as much as 1.3% after reporting net income for the second quarter that beat the average analyst estimate
- Dana Gas rises as much as 3.4%, hitting the highest level since March 2020, following a favorable court ruling
- Dubai Financial Market General Index climbs as much as 1.2%, the most since June 1
- Emirates NBD +3.1%; Emaar Properties +1.3%; Du +1.5%
- Qatari stocks rise 0.8%, trimming losses from last week
- QNB +1.1%; Qatar Islamic Bank +1.1%; Qatar Electricity & Water +3.1%
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