On Monday, most stock markets in the Gulf rose in early trade, with the Saudi index on course to end a four-day losing streak.
Saudi Arabia’s benchmark index (.TASI) edged 0.1% higher, helped by a 0.7% gain in Al Rajhi Bank (1120.SE) and a 1.4% rise in Dr Sulaiman Al-Habib Medical Services Group (4013.SE).
Oil giant Saudi Aramco (2222.SE) was flat, a day after it closed 0.4% higher, following a sharp rise in quarterly earnings, boosted by higher crude prices and volumes sold, beating analysts’ forecasts.
The oil giant has gained 8.3% this year to a market valuation of just over $2 trillion, a goal sought by de-facto Saudi leader Crown Prince Mohammed bin Salman before the company’s initial public offering.
The kingdom recorded a budget surplus of 6.7 billion riyals ($1.79 billion) in the third quarter this year, as higher oil prices fuelled its first quarterly surplus in over two years.
The world’s largest oil exporter saw revenues of 243.4 billion riyals in the quarter, with income from oil sales increased 60% to 147.9 billion riyals.
In Abu Dhabi, the index (.ADI) gained 0.5%, with First Abu Dhabi Bank (FAB.AD), the country’s largest lender, advancing 1.9%, while Emirates Telecommunications Group (ETISALAT.AD) added 0.8%, after it reported a rise in quarterly profit.
But Abu Dhabi Commercial Bank (ADCB.AD) retreated 0.8%, following a decline in third-quarter earnings.
Dubai’s main share index (.DFMGI) rose 0.5%, led by a 2.8% gain in Emirates Integrated Telecommunications (DU.DU) and a 0.5% increase in blue-chip developer Emaar Properties (EMAR.DU).
Among other gainers, DAMAC Properties (DAMAC.DU) traded 1.5% higher, extending gains from the previous session.
On Thursday, DAMAC said its board had unanimously recommended minority shareholders accept founder Hussain Sajwani’s offer to buy them out and delist the company.
The Qatari index (.QSI) traded flat, as gains in financial shares were offste by declines in industrial stocks.
($1 = 3.7509 riyals)
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)
