Qatar outperforms Gulf bourses on oil price rise, corporate earnings | Reuters
Most stock markets in the Gulf ended higher on Sunday, with the Qatari index outperforming the region as it drew support from rising oil prices and strong corporate earnings.
Crude prices, a catalyst for the Gulf's financial markets, rose more than $2 a barrel to settle at $110.01 a barrel on Friday ahead of the coming week's OPEC+ meeting. Sources say it will consider leaving output unchanged.
In Qatar, the index (.QSI) advanced 1.9%, with Qatar Islamic Bank (QISB.QA) rising 2.4% and Islamic lender Masraf Al Rayan (MARK.QA) closing 3.9% higher.
Among other gainers, Mekdam Holding (MKDM.QA) jumped 3.6%, after reporting a rise in first-half profit.
Saudi Arabia's benchmark index (.TASI) added 0.4%, led by a 3.6% gain in petrochemical firm Yansab (2290.SE).
The kingdom's gross domestic product rose by 11.8% in the second quarter compared with the same period in 2021, initial government estimates found on Sunday, as the world's top oil exporter benefits from higher energy prices. read more
Growth was largely driven by a 23.1% increase in oil activities, the General Authority for Statistics said, while non-oil activities expanded 5.4%.
Beyond the Gulf, Egypt's blue-chip index (.EGX30) finished 1% higher, with Commercial International Bank (COMI.CA) climbing 1.2%.
Egypt's M2 money supply rose by 23.4% year-on-year in June, data from the central bank showed on Sunday. read more
Prince Alwaleed's Kingdom Holding invests $283m in UK insurer Phoenix Group
Kingdom Holding, the investment company controlled by Saudi Arabia's Prince Alwaleed bin Talal, invested 1.06 billion Saudi riyals ($283 million) in UK-based insurer Phoenix Group, as it continues to boost its investments globally.
The move is part of Kingdom Holding's investment programme that was announced on June 23, and the stake in Phoenix Group was recently increased to 3.79 per cent, the Saudi company said in a statement to the Tadawul stock exchange, where its shares are traded.
“This investment is a continuation of KHC's [Kingdom Holding Company] strategy to invest in blue-chip companies that are considered market leaders in their field,” it said.
Founded in 1782, Phoenix is the largest savings and pension company and one of the largest insurance companies in the UK. It serves more than 13 million customers in the UK and Europe.
Al Rajhi Bank reports 21% profit hike in H1-22 initial financials
Al Rajhi Bank reported an increase of 20.9% in net profits for the first half (H1) of 2022 at SAR 8.4 billion, compared with SAR 6.9 billion in the corresponding period in 2021.
Earnings per share (EPS) were SAR 2.08 in H1-22, compared with SAR 1.74 in H1-21, according to the interim financials on Sunday.
Meanwhile, clients’ deposits during the six-month period ended in June 2022 hiked by 23.6% year-on-year (YoY) to SAR 552.96 billion, while assets jumped by 29.96% YoY in H1-22 to reach SAR 709.8 billion.
During the second quarter (Q2) of the year, the Saudi lender logged net profits worth SAR 4.3 billion, up 18.11% from SAR 3.6 billion in Q2-21.
It is worth noting that during Q1-22, Al Rajhi Bank generated net profits of SAR 4.13 billion, a 23.95% YoY rise from SAR 3.33 billion.
Saudi GDP grows 11.8% year/year in Q2 -flash estimates | Reuters
Saudi Arabia's gross domestic product rose by 11.8% in the second quarter compared with the same period in 2021, according to initial government estimates on Sunday, as the world's top oil exporter benefits from higher energy prices.
Growth was largely driven by a 23.1% increase in oil activities, the General Authority for Statistics said, while non-oil activities expanded 5.4%.
