MARKETS

Saudi Arabia’s Al Rajhi Bank leads stocks, other markets rise

Saudi Arabia’s stock market jumped in early Sunday trade, led by Al Rajhi Bank which announced a capital increase. (File photo: Courtesy of Gulf Business)

Saudi Arabia’s stock market jumped in early Sunday trade on positive investor sentiment, higher oil prices and solid gains by blue chips, led by Al Rajhi Bank which announced a capital increase, while other markets rose slightly.

Oil rose nearly 2 percent on Friday after proposed trade talks between the United States and China eased some fears about a global economic slowdown.

The Saudi index, the region’s biggest, jumped 1.2 percent to almost a three-week high. Out of 165 traded stocks, 112 advanced and 35 declined.

Al Rajhi, the kingdom’s second-largest lender by assets, jumped 5.4 percent amid heavy trade after it announced plans to increase capital to 25 billion riyals ($6.7 billion) from 16.25 billion riyals through distributing 7 bonus shares for every 13 shares owned.

It added in a bourse filing that the increase aims to support the bank’s resources, what will contribute to good growth ratios in the future.

Petrochemical giant Sabic rose 0.7 percent, Samba Financial Group added 1.1 percent and Saudi Kayan rose 2.2 percent.

Elsewhere in the region, Dubai index rose 0.4 percent. Dubai Islamic Bank rose 0.6 percent and property developer DAMAC Properties jumped 2.6 percent.

Abu Dhabi’s index added 0.8 percent, with most traded stocks advancing.

First Abu Dhabi Bank gained 1.4 percent and Dana Gas jumped 4.2 percent.

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Last Update: Sunday, 6 January 2019 KSA 17:14 - GMT 14:14
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