Major stock markets in the Gulf ended higher on Sunday, largely driven by gains in financial companies and led by Saudi Arabia.
Saudi Arabia's benchmark index (.TASI) rose 0.3%, with Al Rajhi Bank (1120.SE) and petrochemical maker Saudi Basic Industries Corp (2010.SE) both gaining 0.7%.
Shares of financial and energy companies in the Gulf have both benefited from recent gains in oil prices.
Elsewhere, Saudi Arabian supermarket group BinDawood Holding (4161.SE) finished 0.4% higher despite an almost 50% decline in second-quarter net profit and on expectations that the decline in profit will be temporary.
In the second quarter of last year the company "benefited enormously from pantry-buying in response to lockdowns and in the lead-up to the VAT (value-added tax) hike which came into effect from 1 July 2020," the company's CEO said in a statement.
Dubai's main share index (.DFMGI) reversed early losses to close 0.1% higher, supported by a 5.5% jump in Amanat Holding (AMANT.DU) after the investment firm posted a net profit of 203.8 million dirhams ($55.49 million) compared to a loss of 5.2 million dirhams a year ago.
Among other gainers, DAMAC Properties (DAMAC.DU) rose 0.8% after narrowing second-quarter net losses.
However, the index's gains were limited by losses at National Central Cooling Co (TABR.DU), which retreated 3.1%.
Last week, the firm reported second-quarter net profit of 135.1 million dirhams, down from 142.4 million dirhams a year ago.
In Abu Dhabi, the index (.ADI) edged up 0.1%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) rising 0.4%.
Meanwhile, Israel and the United Arab Emirates, which normalised relations a year ago, are looking to Dubai's Expo world fair in October to boost bilateral trade, which now stands at around $712 million. read more
The Qatari benchmark (.QSI) added 0.1%, with Commercial Bank (COMB.QA) rising 1.4%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 1.3%, led by a 3.1% leap in top lender Commercial International Bank (COMI.CA).
Egypt received a new batch of about 1.7 million AstraZeneca COVID-19 vaccine doses through the global COVAX initiative, the health ministry said late on Friday. read more
Egypt has also received shipments of the Sputnik, Sinopharm, Sinovac and Johnson & Johnson shots. It also recently began locally producing Sinovac's COVID-19 vaccines.
No comments:
Post a Comment