Middle East Stocks: Most Major Gulf Markets Gain As Financial Stocks Rise



Most of the major Gulf stock markets rose early in Thursday, led by financial stocks, while the Qatari index reversed the downward trend.

Saudi Arabia’s benchmark added 0.1%, helped by a 0.3% gain in Al Rajhi Bank and a 0.7% rise in Saudi National Bank.

In Abu Dhabi, the index rose 0.6%, with UAE’s largest lender First Abu Dhabi Bank (FAB) up 0.4% after posting an increase in second quarter net profit .

The National Bank of Ras Al Khaimah jumped 4.3%. The lender also saw its quarterly net profit increase on Tuesday.

Dubai’s main stock index edged up 0.1%, supported by a 1.1% gain from sharia-compliant lender Dubai Islamic Bank and a 0.8% increase from Emirates NBD Bank.

Elsewhere, leading developer Emaar Properties added 0.5%.

Residential property prices in Dubai rose in April-June for a second consecutive quarter as demand accelerated after the pandemic, consulting firm Knight Frank said on Tuesday, although average prices are still lower 26% at the last market peak six years ago.

The Qatari benchmark fell 0.3%, hit by a 1.6% drop in Commercial Bank, a day after finishing up more than 3%.

The lender on Wednesday recommended a shareholders meeting to increase the foreign ownership limit to 100%.

Among other losers, telecommunications company Ooredoo fell about 1% after posting a net loss of 1.15 billion riyals ($ 315.93 million) for the second quarter, compared to a profit of 432 million. riyals a year ago.

($ 1 = 3,6400 Qatari rials)

(Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))



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