MIDEAST STOCKS Saudi Arabia Leads Major Gulf Markets Up; Top-notch massive sales hit Egypt

An investor browses the Dubai financial market after Joe Biden won the US presidency, in Dubai, United Arab Emirates, November 8, 2020. REUTERS / Christopher Pike / File Photo

Aug 3 (Reuters) – Major Gulf stock markets ended higher on Tuesday, with the Saudi index gaining for a twelfth consecutive session, as a blue chip sell-off dragged the Egyptian stock market.

Saudi Arabia’s benchmark index (.TASI) reversed initial losses to close 0.5% higher, led by a 1.2% gain for Al Rajhi Bank (1120.SE) and an increase 2.2% for Saudi National Bank (1180.SE), the kingdom’s largest bank. lender.

Al Rajhi posted a 48% jump in quarterly profit on Sunday, helped by higher net financing and investing income, and banking service charges. Read more

In contrast, Bank Aljazira (1020.SE) fell around 4%. The lender reported higher net income in the second quarter, but recorded a sequential decline in profits.

Saudi banks have benefited from growth in mortgage lending and an economic recovery this year following the easing of lockdowns imposed to tackle the coronavirus epidemic.

Dubai’s main stock index (.DFMGI) rose 0.2%, with leading developer Emaar Properties (EMAR.DU) increasing 0.8% and its unit Emaar Malls (EMAA.DU) increasing by 2, 1%.

In Abu Dhabi, the index (.ADI) gained 0.4%, supported by a rise of 1.1% from the country’s largest lender, First Abu Dhabi Bank (FAB.AD).

The UAE’s non-oil private sector grew at its fastest rate in two years in July as demand rebounded from the COVID-19 pandemic, a business survey showed. Read more

The Qatari benchmark (.QSI) finished up 0.2%, with Qatar Islamic Bank (QISB.QA) up 0.5%, while Qatar Aluminum Co (QAMC.QA) climbed 3.4%.

The aluminum maker is expected to release its first half results on Thursday.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) fell 0.8%, with most stocks in the index in negative territory, including Fawry for Banking Technology and Electronics (FWRY.CA).

Egypt’s central bank is expected to suspend overnight interest rates at a meeting on Thursday, according to a Reuters poll, as growing global and local inflationary pressures warn of a cut.

Reporting by Ateeq Shariff in Bangalore; Editing by Krishna Chandra Eluri

Our Standards: Thomson Reuters Trust Principles.

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