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.
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…