Mideast Stocks - Banks buoy Saudi index; other major Gulf markets quiet

Publish July 5, 2020

Dubai's main share index edged up 0.2%

The Saudi Arabian stock market rose in early trade on Sunday, buoyed by its banking shares, while other major Gulf bourses were little changed.

Saudi Arabia's benchmark index gained 0.6%, driven by a 0.5% rise in Al Rajhi Bank and a 1% increase in Riyad Bank.

The kingdom extended for an additional period several government initiatives to support the private sector and investors in mitigating the impact of the coronavirus outbreak, state news agency SPA reported on Thursday, citing a decision by King Salman.

In Qatar, the index slipped 0.1%, with lender Masraf Al Rayan falling 1.5% and Qatar National Bank, the Gulf's largest lender, down 1.1%.

Masraf Al Rayan and Al Khaliji Commercial Bank said on Tuesday they had begun negotiating a potential merger that could create a combined entity with more than 164 billion riyals ($45 billion) in total assets.

Dubai's main share index edged up 0.2%, supported by a 1.1% gain in blue-chip developer Emaar Properties and a 5.2% jump in DAMAC Properties.

On Wednesday, DAMAC saw its biggest intraday gain since March following a Reuters report its chairman is weighing a buyout of minority shareholders and taking the company private.

The Abu Dhabi index added 0.1%. Aquaculture firm International Holding rose 3.3%, while First Abu Dhabi Bank was up 0.4%.

The United Arab Emirates has adopted a new government structure, involving the merger of ministries and agencies, the country's vice president said on Saturday, adding that the full announcement would be made on Sunday at noon (0800 GMT).


Latest Stories

YPC organizes press conference over detaining oil ships

2020-10-20 04:00:00

HODEIDA, Oct. 19 (Saba) - Yemen Petroleum Company (YPC) has organized a press conference at Hodeida port to review the repercussions"...
Read More

Community Health Workers Are Yemen’s Superheroes

2020-10-18 07:00:00

Staying alive in Yemen, now in its sixth year of civil war, is not easy. More than 24 million people — some 80 percent of the"...
Read More

3rd Yemeni conference for neurosurgery starts in Sanaa

2020-10-15 04:00:00

SANAA, Oct. 14 (Saba) - The Third Yemeni Scientific Conference for Neurosurgery and Spine, organized by the Yemeni Society of Neurosurgery"...
Read More

Heavy rains trigger collapse at Yemen’s newly restored museum

2020-09-30 06:00:00

Heavy rains have triggered the collapse of parts of the newly restored National Museum in Yemen’s third city Taiz, in the latest"...
Read More