Saudi banks, Abu Dhabi stocks gain amid earnings
ADX General Index rose as much as 2.6 per cent, up the most since May
Dubai: Shares in Saudi Arabia and Abu Dhabi were among the biggest gainers in the Middle East as more companies posted strong second-quarter earnings.
The Saudi Tadawul All Share Index closed 0.5 per cent higher, with the banks sub-index gaining 1 per cent after multiple lenders reported results. Abu Dhabi's benchmark ADX General Index rose as much as 2.6 per cent, up the most since May, before paring gains to close 1 per cent higher.
Al Rajhi Bank climbed as much as 2.9 per cent, leading gains on the Saudi gauge after reporting results CI Capital analyst Sara Boutros called "robust." Riyad Bank climbed as much as 1 per cent after reporting a record profit before ending the session 0.2 per cent lower. The lender continued to benefit from "above-average balance-sheet growth," Boutros wrote in a note.
In Abu Dhabi, Emirates Telecommunications Group Company PJSC soared to a record high after second-quarter earnings beat estimates. Alpha Dhabi Holding PJSC, the most valuable company in the UAE, extended gains after reporting a jump in profit as its assets grew.
Elsewhere, stocks in Dubai, Oman and Egypt gained while those in Bahrain and Qatar dropped. Kuwaiti and Israeli shares were little changed.