The Abu Dhabi stock market hit an all-time high on Sunday, led by the gains of the largest UAE bank, while the Saudi stock market fell from its highest level in 15 years.
The Abu Dhabi index rose 0.9% to its highest level ever, with the share of First Abu Dhabi Bank, the largest bank in the UAE, rising 2.1%.
In an interview with Al Arabiya, Abdul Aziz Al Ghurair, head of the Emirates Banks Association, expected today, Sunday, that the assets of UAE banks will grow by 8% in 2022.
Al Ghurair added that the UAE economy will reap the benefits of the World Expo 2020 for about 8 years.
In Saudi Arabia, the main index fell 0.8% due to a 3% drop in Al-Rajhi Bank, ending the index’s five-day rally.
Today, Sunday, Al-Rajhi Bank announced a net profit of 3.79 billion riyals ($1.01 billion) for the quarter ended September 30, up from 2.66 billion riyals in the same period last year.
Shares of Saudi Kayan Petrochemical jumped 2.8% after turning to a net profit in the third quarter.
On the other hand, Saudi Energy Minister Prince Abdulaziz bin Salman said today, Sunday, that the kingdom wants to become the largest supplier of hydrogen.
In Dubai, the main index rose 0.8%, led by a jump of 8.7% in Aramex Logistics Services. Aramex’s shares rose 14.9% in the previous session, the largest daily gain since January 2009, after a direct agreement worth 1.41 billion dirhams (384 million dollars) to buy 295 million shares of the company.
On the other hand, Union Properties shares declined 4.8%. And Reuters reported, today, Sunday, quoting the Emirates News Agency (WAM), that the Public Prosecutor has started an investigation into accusations of financial irregularities raised by the Securities and Commodities Authority against executives in the company.
The Qatari index closed down 0.4% due to a 2.4% decline in Petrochemical Industries Qatar.
A senior Qatari official said on Thursday that business owners in the country will have to provide health insurance for foreign expatriates and their families under a new law issued by Qatar’s emir last week. Qatar Insurance ended trading up 1.4%.
Outside the Gulf region, the Egyptian Stock Exchange index increased 0.5%, with most of its constituent stocks rising.
A Reuters poll showed that the Egyptian economy is expected to grow 5.1% in the fiscal year to June 2022, and that growth will accelerate to 5.5% in the next two years as the tourism sector continues to recover and the effects of the Corona virus pandemic ease.
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