Dubai: Saudi Arabia's stocks continued their rebound on Sunday with a host of strong earnings drawing in investors, while most of other Gulf markets also traded higher as the earnings began to gather pace.
Saudi Arabia's benchmark index rose 0.8 per cent to 8,689 points, adding to the gains it eked out Thursday after four consecutive sessions of losses. Banks were the biggest boost with Al Rajhi increasing 1.4 per cent to close at 75.2 Saudi riyals.
Bank Albilad surged 5.6 per cent to 28.2 riyals after its full-year net profit rose 8.4 per cent. The lender reported 1.35 billion riyals in net profit, up from 1.24 billion riyals it announced a year earlier, attributing the higher net come to a better performance from investment and financing activities and exchange. The bank, however, said its impairment charge for expected credit losses increased by 28 percent to 695 million riyals.
United International Transportation Company jumped 4 per cent to 38 riyals. The firm announced full-year profits of 187.8 million riyals representing an over 5 per cent increase from 2019 on the back higher net gain from sale of vehicles which were sold in more numbers and with improved margin in the second half of the year. The better sales performance came to compensate for the reduction in lease and rental business, and revenue losses due to the coronavirus.
Kuwait's 50-stock index advanced 1 per cent to 4,859 points as Aayan Leasing and Investment Company surged 5.6 per cent, the most in a single day since October after it posted a net profit of 20.7 million Kuwait dinars marking a turnaround from year-ago losses of 14.6 million dinars. Kuwait's premier index also rose 0.5 per cent to 6,251 points with Kuwait Financial House gaining 1.1 per cent as it reported better fourth-quarter results than those of the full-year, displaying an improvement in the final months of the year.
Abu Dhabi Securities Exchange edged up 0.1 per cent with Abu Dhabi Commercial Bank pointing 1.4 per cent higher to Dh6.7 and Adnoc Distribution eking out 1 per cent to Dh3.9. But Gulf Medical Projects slumped 4.6 per cent as its board of directors approved the full-year results and is expected to announce them later today.
Qatar Exchange traded 0.6 per cent higher with Doha Bank eking out 3 per cent to trade at 2.4 Qatar riyals ahead of the full-year results expected to come in later on Sunday.
Against the trend
Dubai Financial market slipped 0.2 per cent to 2,667 points continuing its slide for a third day after regional and global restrictions weighed on the prospect for quicker turnaround in the emirate's struggling property sector. Dubai Investments dropped 3.2 per cent and DAMAC Properties slid 2.2 per cent.
Oman's 30-company index dropped 0.2 per cent under pressure from banking stocks with Sohar International Bank plunging 5.9 per cent, while Bahrain shares ended the day slightly higher, supported by its financial stocks.