MARKETS

Saudi Arabian stocks rise on open; Gulf markets weak

Saudi stocks rose sharply on Sunday morning as banking shares led blue-chip gains, while major Gulf bourses traded lower. (File photo: AFP)

Saudi Arabia's stock market rose sharply on Sunday morning as banking shares led blue-chip gains, while major Gulf bourses traded lower.

The Saudi market rose 2 percent, extending gains for a third straight session with all banking stocks seeing a rise. National Commercial Bank, the kingdom's largest lender by assets, surged 5.9 percent, its biggest intraday gain since September 2018. Al Rajhi Bank was up 1.9 percent.

The index had on Wednesday snapped a seven-day losing streak on the back of rising financial stocks, against the backdrop of expectations for improved third-quarter earnings.

In Abu Dhabi the index dropped 0.4 percent, driven down by a 0.7 percent fall in the country's largest lender First Abu Dhabi Bank and a 0.9 percent drop in Aldar Properties.

But, Sharjah Islamic Bank gained 2.5 percent after it reported a rise in nine-month net profit.

Dubai's main share index edged down 0.1 percent, as budget airliner Air Arabia slid 2.2 percent and telecommunications firm du lost 1.6 percent.

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Last Update: Sunday, 20 October 2019 KSA 11:38 - GMT 08:38
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