Shares in Saudi Arabia and Abu Dhabi led gains in the Middle East as more companies posted strong second-quarter earnings.
The Saudi Tadawul All Share Index rose 0.6% at 11:45 a.m. in Riyadh, with the banks sub-index gaining 1.2% after multiple lenders reported results. Meanwhile, Abu Dhabi’s benchmark ADX General Index rose as much as 2.6%, up the most since May.
Riyad Bank climbed 0.6% after reporting a record profit. The lender continued to benefit from “above-average balance-sheet growth,” CI Capital analyst Sara Boutros wrote in a note. Results from Al Rajhi Bank were “robust,” Boutros said, the shares gaining 2.5%.
In Abu Dhabi, Emirates Telecommunications Group Company PJSC soared to a record high after its second-quarter earnings beat estimates. Alpha Dhabi Holding PJSC, the United Arab Emirates’ most valuable company, extended gains after reporting a jump in profit as its assets grew.
Elsewhere, stocks in Dubai, Qatar, Oman and Egypt gained while those in Bahrain and Israel dropped. Kuwait shares were little changed.
MIDDLE EASTERN MARKETS:
- In Saudi Arabia, National Company for Learning and Education surges as much as 7.8% after signing a 7.95 million-riyal contract to lease a building
- Sahara International Petrochemical Co rises 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 rises for a second session, up 0.3%
- DIB +1%; Emaar Malls +2.6%; Emaar Properties +0.8%
- Dubai Financial Market PJSC falls as much as 8.3% after reporting second-quarter profit declined 65% from a year ago
- Israeli’s benchmark TA-35 Index falls 0.2% at 11:45 a.m. in Tel Aviv
- Opko Health drags the gauge down most by points, fallling 9.6%, after second-quarter revenue missed the average analyst estimate
- Two crew members were killed when an oil products tanker with links to Israel came under attack off the coast of Oman
- Saudi Aramco raised its August contract price for propane to $660/ton from $620/ton a month earlier
- 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
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