Most major Gulf markets gain as financial shares rise


Most major Gulf stock markets rose in early trade on Thursday, led by financial stocks, while the Qatari index bucked the downtrend.

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

However, Saudi Dairy and Foodstuff Co fell 2.6% after reporting a decline in quarterly net profit.

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

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

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

Elsewhere, blue chip developer Emaar Properties added 0.5%.

Residential property prices in Dubai rose in April-June for a second consecutive quarter as demand picked up after the pandemic, consultancy Knight Frank said on Tuesday, although average prices were still 26 months lower. % 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 ending up more than 3%.

The lender recommended a shareholder meeting on Wednesday to raise 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) in the second quarter, compared to a profit of 432 million riyals. one year ago.

($1 = 3.6400 Qatari Riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Uttaresh.V) ((; +918061822788;))


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