Positive bank results boost Saudi stocks, other Gulf mixed

Saudi Arabia’s stock market rose on Tuesday in a recovery from the previous session’s biggest single-day loss in a month as strong earnings from two lenders boosted bank shares, while other Gulf bourses were mixed.

The Saudi index was up 0.4%. Al Rajhi Bank gained 1.3% after it posted a more than 4% rise in second-quarter profit as revenue from special commissions and investments increased.

Riyad Bank, whose profit surged over the same period on a 22.9% jump in operating income, added 1.7%.

Outside banks, Yamama Cement increased by 2.4% after swinging to a second-quarter profit on higher sales and lower expenses.

Dubai’s index rose 0.3%, with Emaar Properties advancing 0.9%. The blue-chip developer has risen in recent sessions after a memorandum of understanding it signed concerning an $11 billion project at Beijing’s new airport.

The Abu Dhabi index was down 0.2%. Emirates Telecommunications Group shed 0.3% and Aldar Properties lost 0.9%.

In Qatar, the index was roughly flat as industry and telecommunications stocks moved sideways.

Petrochemical maker Industries Qatar shed 0.5%ahead of its earnings report later this week. EFG Hermes forecast the company would post a 47% plunge in second-quarter profit.

Telecommunications firm Ooredoo traded 1.8% up after reporting higher second-quarter profit, while Vodafone Qatar gained 0.7% as first-half profit increased.

Source: Reuters