(Bloomberg) --

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.


  • 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

Key News:

  • 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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