The performance of the Gulf stock exchanges varied… and the Saudi...


Stock markets in the Gulf closed mixed on Monday, and the Saudi stock market extended its gains to reach its highest level in more than 15 years.

The Saudi stock index closed up 0.5% at its highest level since July 2006, led by a 1.4% increase in the shares of the National Bank of Saudi Arabia, the largest bank in the kingdom, while shares in the Saudi Electricity Company rose 1.8%.

Oil prices stabilized, with investors betting on the persistence of a shortage in the global supply of crude.

The Qatari stock index ended the trading session up 0.3 percent, supported by a 2.4 percent rise in Qatar National Bank. The Gulf’s largest bank announced last week a 10 percent jump in annual net profit, helped by loan growth.

But Qatar Islamic Bank’s stock fell 1.2 percent, despite an increase in its annual profit.

On the Stock Exchange, the main stock index closed down 0.7 percent, affected by a 2.3 percent drop in Emirates NBD, and the Emirates Integrated Telecommunications Company fell 1.2 percent.

The main index of shares on the Abu Dhabi Stock Exchange closed 0.1% lower, after giving up its initial gains, and the index had risen by as much as 0.3% in early trading.

Outside the Gulf region, the leading stock index on the Egyptian Stock Exchange closed 0.2 percent higher, ending two sessions of losses, supported by the 0.4 percent rise of Commercial International Bank.

(Reuters)





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