(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
Key News:
- Israel’s prime minister said Iran was “unequivocally” to blame for a deadly attack on an Israel-linked oil tanker off Oman on Thursday, just after Tehran denied responsibility
- Egypt’s Foreign Ministry on Sunday said it backed the “legitimate aspirations” of the Tunisian people, offering its support to the North African nation’s president after he froze parliament and fired the prime minister
- Saudi Arabia’s net foreign assets rose 2% in June, recovering slightly from their lowest level in more than a decade as higher oil prices gave the kingdom a boost
More stories like this are available on bloomberg.com
©2021 Bloomberg L.P.
