MIDEAST STOCKS #AbuDhabi hits record high, #Saudi bourse up on banks | Reuters

MIDEAST STOCKS Abu Dhabi hits record high, Saudi bourse up on banks | Reuters

Abu Dhabi's stock market ended higher on Sunday, hitting a record high during the session, while the Saudi index was bolstered by gains in banking shares.

The Saudi benchmark index (.TASI) finished 0.5% higher, with Al Rajhi Bank (1120.SE) rising 2% after posting a 48% jump in quarterly profit, helped by an increase in net financing and investment income, and fees from banking services. read more

The bank reported a net profit of 3.6 billion riyals ($959.92 million) for the period ended June 30, up from 2.44 billion in the same period a year earlier.

Among other gainers, Alinma Bank (1150.SE) added over 2% after reporting a rise in quarterly net profit.

Saudi banks have benefited from growth in mortgages and an economic recovery this year following the easing of lockdowns imposed to combat the outbreak of coronavirus.

In Abu Dhabi, the index (.ADI) advanced 1%, buoyed by a 5.5% leap in Emirates Telecommunications Group (Etisalat) (ETISALAT.AD).

On Thursday, Etisalat reported quarterly net profit of 2.40 billion dirhams ($653.49 million), up from 2.39 billion dirhams a year earlier.

In a separate bourse filing, Etisalat also approved a distribution of interim dividend of 40 fils per share for the first half of 2021.

Dubai's main share index (.DFMGI) added 0.6%, led by a 1.2% increase in sharia-compliant lender Dubai Islamic Bank. (DISB.DU)

However, the Dubai Financial Market (DFM.DU) retreated 2.8% following a decline in second-quarter net profit.

The Qatari benchmark (.QSI) fell 0.2%, pressured by a 1.1% drop in Qatar National Bank (QNBK.QA).

Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 0.6% higher, as most of the stocks on the index were in positive territory.

The Egyptian Stock Exchange will lift the limit on intraday share price moves to 20% from September, the bourse said on Sunday.

#Saudi Banks, #AbuDhabi Stocks Gain Amid Earnings: Inside EM - Bloomberg

Saudi Banks, Abu Dhabi Stocks Gain Amid Earnings: Inside EM - Bloomberg

Shares in Saudi Arabia and Abu Dhabi were among the biggest gainers in the Middle East as more companies posted strong second-quarter earnings.

The Saudi Tadawul All Share Index closed 0.5% higher, with the banks sub-index gaining 1% after multiple lenders reported results. Abu Dhabi’s benchmark ADX General Index rose as much as 2.6%, up the most since May, before paring gains to close 1% higher.

Al Rajhi Bank climbed as much as 2.9%, leading gains on the Saudi gauge after reporting results CI Capital analyst Sara Boutros called “robust.” Riyad Bank climbed as much as 1% after reporting a record profit before ending the session 0.2% lower. The lender continued to benefit from “above-average balance-sheet growth,” Boutros wrote in a note.

In Abu Dhabi, Emirates Telecommunications Group Company PJSC soared to a record high after second-quarter earnings beat estimates. Alpha Dhabi Holding PJSC, the most valuable company in the United Arab Emirates, extended gains after reporting a jump in profit as its assets grew.

Elsewhere, stocks in Dubai, Oman and Egypt gained while those in Bahrain and Qatar dropped. Kuwaiti and Israeli shares were little changed.

MIDDLE EASTERN MARKETS:

• In Saudi Arabia, National Company for Learning and Education surged as much as 7.8% after signing a contract to lease a building
• Sahara International Petrochemical Co rose as much as 4% after reporting profit for the second quarter of 829.9 million riyals versus a of loss 99 million riyals a year ago
• Dubai’s benchmark Dubai Financial Market General Index rose for a second session, up 0.6%
• DIB +1.2%; Emaar Properties +1.3%; Emaar Malls +3.7%
• Dubai Financial Market PJSC fell as much as 8.3% after its second-quarter profit declined 65% from a year ago
• Israel’s benchmark TA-35 Index fell as much as 0.4% before turning flat at 3:21 p.m. in Tel Aviv
• Opko Health is one of the biggest drags on the gauge by points, falling 8.6%, after second-quarter revenue missed the average analyst estimate

European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar close

European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar close

Israeli Exporters on Edge With Central Bank Dollar Plan in Doubt - Bloomberg

Israeli Exporters on Edge With Central Bank Dollar Plan in Doubt - Bloomberg

Israel’s biggest exporters are bracing for the end of central bank support that’s helped them stay competitive during the pandemic, a move they say may weigh on a $100 billion industry crucial to the nation’s economic rebound.

The Bank of Israel is close to exhausting a $30 billion dollar-buying program that’s reined in gains in the shekel and made exports cheaper to foreign buyers while the nation battled Covid-19. With the economy on the mend, and Governor Amir Yaron signaling July 5 that the program was a temporary salve, companies from Teva Pharmaceutical Industries Ltd. to Israel Aerospace Industries Ltd. are on edge.

“We’re living with uncertainty,” said Natanel Haiman, the head of economics at the Manufacturers’ Association of Israel, a Tel Aviv-based organization that groups more than 1,850 companies accounting for more than 90% of the country’s industrial base. “It’s a daily battle to keep the production lines moving,” partly because of the exchange rate.

The debate over the program mirrors the dilemma facing policy makers the world over as central banks consider how quickly to remove stimulus measures enacted as the pandemic erupted. In Israel, shekel policy provides an additional ingredient. The currency has appreciated more than any major counterpart in the past decade, eclipsing even the Swiss franc and the euro, and hobbling the exporters that account for more than a quarter of the $400 billion economy.

#Kuwait Ports plans region's first city for electric car makers | Reuters

Kuwait Ports plans region's first city for electric car makers | Reuters

Kuwait Ports Authority (KPA) has approved a proposal to build the Middle East’s first city to serve electric vehicle manufacturers, the authority said in a statement on Sunday.

The statement does not make clear where the project, called EV City, will be located.

The design and construction tendering process will be during the 2011/22 fiscal year, said KPA’s General Manager Yousef al-Abdullah al-Sabah.

KPA noted that electric car makers do not use local distributors or dealers and sell their vehicles directly to consumers, adding that it was common for ports to provide certain infrastructure to manufacturers.

“KPA is able to provide all port and logistics services to the biggest global companies manufacturing electric cars,” Sabah said, adding that the project was in line with Kuwait’s Vision 2035 economic diversification plan.

The Public Investment Fund, the sovereign wealth fund of neighbouring Saudi Arabia, has made huge gains after it invested more than $1 billion in electric carmaker Lucid in 2018.

Lucid Group listed last month after a merger with a blank check company, Churchill Capital Corp IV, in February in a deal that gave the combined company a pro-forma equity value of $24 billion. PIF owns 62.7% of Lucid.

#Saudi Banks, #AbuDhabi Stocks Gain Amid Earnings: Inside EM - Bloomberg

Saudi Banks, Abu Dhabi Stocks Gain Amid Earnings: Inside EM - Bloomberg

Shares in Saudi Arabia and Abu Dhabi led gains in the Middle East as more companies posted strong second-quarter earnings.

The Saudi Tadawul All Share Index rose 0.6% at 11:45 a.m. in Riyadh, with the banks sub-index gaining 1.2% after multiple lenders reported results. Meanwhile, Abu Dhabi’s benchmark ADX General Index rose as much as 2.6%, up the most since May.

Riyad Bank climbed 0.6% after reporting a record profit. The lender continued to benefit from “above-average balance-sheet growth,” CI Capital analyst Sara Boutros wrote in a note. Results from Al Rajhi Bank were “robust,” Boutros said, the shares gaining 2.5%.

In Abu Dhabi, Emirates Telecommunications Group Company PJSC soared to a record high after its second-quarter earnings beat estimates. Alpha Dhabi Holding PJSC, the United Arab Emirates’ most valuable company, extended gains after reporting a jump in profit as its assets grew.

Elsewhere, stocks in Dubai, Qatar, Oman and Egypt gained while those in Bahrain and Israel dropped. Kuwait shares were little changed.

MIDDLE EASTERN MARKETS:

• In Saudi Arabia, National Company for Learning and Education surges as much as 7.8% after signing a 7.95 million-riyal contract to lease a building
• Sahara International Petrochemical Co rises as much as 4% after reporting profit for the second quarter of 829.9 million riyals versus a of loss 99 million riyals a year ago
• Dubai’s benchmark Dubai Financial Market General Index rises for a second session, up 0.3%
• DIB +1%; Emaar Malls +2.6%; Emaar Properties +0.8%
• Dubai Financial Market PJSC falls as much as 8.3% after reporting second-quarter profit declined 65% from a year ago
• Israeli’s benchmark TA-35 Index falls 0.2% at 11:45 a.m. in Tel Aviv
• Opko Health drags the gauge down most by points, fallling 9.6%, after second-quarter revenue missed the average analyst estimate

FAB's Ballard: Fragile Market Tone in China - Bloomberg video

FAB's Ballard: Fragile Market Tone in China - Bloomberg

Simon Ballard, Chief Economist of First Abu Dhabi Bank, discusses if Chinese stocks are still worth investing in and the risk other Asian markets are facing due to the China's regulatory crackdown. He speaks with Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)

Economic revival boosts H1 revenues and profits of #UAE banks | Banking – Gulf News

Economic revival boosts H1 revenues and profits of UAE banks | Banking – Gulf News

All leading banks in the UAE have reported strong growth in both revenues and net profits in the first half of 2021, clearly pointing to a sustained revival in the economic conditions in the country.

Most banks have also reported loan growth, deposit growth and substantial gains in non-interest income that to a great extent mitigated slower growth in interest income due to the low interest rate environment.

A substantial decline in impairments and loan loss provisions indicate improvements in credit conditions supported by robust revival in the economy.

The latest Credit Sentiment Survey of the Central Bank of UAE also shows, the overall credit appetite for both corporates and personal loans improved in the second quarter and is poised for further gains in the second half of the year.

#Saudi lender Al Rajhi reports 48% rise in Q2 net income | Reuters

Saudi lender Al Rajhi reports 48% rise in Q2 net income | Reuters

Al Rajhi Bank (1120.SE), Saudi Arabia's second-biggest lender, posted a 48% jump in quarterly profit, helped by an increase in net financing and investment income, and fees from banking services.

The bank reported a net profit of 3.6 billion riyals ($959.92 million) for the period ended June 30, up from 2.44 billion in the same period a year earlier.

Analysts had forecast a net profit of 3.4 billion riyals, according to an average estimate of five analysts in Refinitiv Eikon.

The Islamic lender said income from special commissions, financing and investments rose 27% from a year earlier to 5 billion riyals.

Saudi banks have benefited from growth in mortgages and an economic recovery this year following the easing of the lockdowns imposed to combat the outbreak of coronavirus.

The International Monetary Fund expects Saudi Arabia's economy to grow at 2.4% this year, after the kingdom's economy contracted 4.1% in 2020 due to the twin shock of the COVID-19 pandemic and lower oil prices.

MIDEAST STOCKS #AbuDhabi hits record high, boosted by telco Etisalat | Reuters

MIDEAST STOCKS Abu Dhabi hits record high, boosted by telco Etisalat | Reuters

Most major stock markets in the Gulf rose in early trade on Sunday, with Abu Dhabi index hitting a record high, although Qatar bucked the trend to trade lower.

In Abu Dhabi, the index (.ADI) advanced 1.7%, hitting its record high, buoyed by a 6.5% jump in Emirates Telecommunications Group (Etisalat) (ETISALAT.AD).

On Thursday, the telecoms firm reported quarterly net profit of 2.40 billion dirhams ($653.5 million), up from 2.39 billion dirhams a year earlier.

In a separate bourse filing, the firm also approved distribution of interim dividend of 40 fils per share for the first-half of 2021.

Among other gainers, First Abu Dhabi Bank (FAB.AD) gaining 0.5%, on course to extend gains from the previous session.

The United Arab Emirates' largest lender on Wednesday posted a net profit of 2.88 billion dirhams for the second-quarter, up from 2.4 billion a year earlier. read more

The bank's net impairment charges fell 36% to 677 million dirhams.

Saudi Arabia's benchmark index (.TASI) gained 0.3%, with Al Rajhi Bank (1120.SE) rising 1.4% and Sahara International Petrochemical Co (2310.SE) climbing 1.8%.

The petrochemical firm posted quarterly net profit of 829.9 million riyals ($221.3 million) compared to a loss of 99 million riyals year ago.

Dubai's main share index (.DFMGI) added 0.3%, led by a 1% increase in sharia-compliant lender Dubai Islamic Bank (DISB.DU).

On the other hand, the Dubai Financial Market (DFM.DU) retreated 3.7% after reporting a sharp fall in second-quarter net profit.

The Qatari index (.QSI) eased 0.1%, hit by a 1.2% fall in petrochemical maker Industries Qatar (IQCD.QA).