first quarter results boost Saudi, major Gulf stocks mixe

Saudi Arabia’s stock market rose on Wednesday bolstered by first quarter results, while most major Gulf stocks were mixed in subdued trading.

Saudi’s index was up 0.1 percent, with Al Rajhi Bank adding 0.5 percent and National Commercial Bank rose 0.8 percent. Both companies reported an increase in their first-quarter net profit.

Saudi banks’ performance in 2019 is xpected to be boosted by a surge in liquidity and an anticipated recovery in lending against a backdrop of higher oil prices.

Saudi Industrial Development increased 3.6 percent after posting a steep rise in first-quarter profit and sales.

Al Moammar Information Systems rose 8.4 pct to 48.80 riyals on its first day of trading, above its offer price of 45 riyals per share.

Qatar’s blue-chip index added 0.2 percent, aided by its financial stocks.

Qatar Gas Transport Company was up 1.6 percent, extending its gains for the fourth session after posting a 9 percent rise in its first-quarter net profit on Sunday.

Qatar National Bank added 1.6 percent and Qatar Insurance was up 1 percent.

The Abu Dhabi index edged down 0.2 percent, led by a 0.6 percent fall in its largest lender First Abu Dhabi Bank .

Dubai’s index was flat, with Emirates Integrated Telecommunications (du) sliding 1.4 percent. The United Arab Emirates’ No. 2 telecom operator reported a 12 percent drop in its first-quarter profit.

Emaar Malls was down 1.1 percent after its shareholders approved the cancellation of the constitutive regulation of its employees’ incentive programme. ($1 = 3.6730 UAE dirham) ($1 = 3.7500 riyals)

Source: Reuters