October 20, 2021
Markets

MIDEAST STOCKS Banking shares bolster most Gulf markets

Aug 15 (Reuters) – Major stock markets in the Gulf ended higher on Sunday, largely driven by gains in financial companies and led by Saudi Arabia.

Saudi Arabia’s benchmark index (.TASI) rose 0.3%, with Al Rajhi Bank (1120.SE) and petrochemical maker Saudi Basic Industries Corp (2010.SE) both gaining 0.7%.

Shares of financial and energy companies in the Gulf have both benefited from recent gains in oil prices.

Elsewhere, Saudi Arabian supermarket group BinDawood Holding (4161.SE) finished 0.4% higher despite an almost 50% decline in second-quarter net profit and on expectations that the decline in profit will be temporary.

In the second quarter of last year the company “benefited enormously from pantry-buying in response to lockdowns and in the lead-up to the VAT (value-added tax) hike which came into effect from 1 July 2020,” the company’s CEO said in a statement.

Dubai’s main share index…

Read full article here: www.reuters.com