Gulf up on oil, Q2 results

SABIC boosts Saudi index

DUBAI, July 15, (RTRS): Most Gulf stock markets closed higher on Sunday, bolstered by firmer oil prices and a clutch of positive financial results.

Oil prices edged up about 1 percent on Friday as strike actions in Norway and Iraq hit supplies. But prices on course for a second straight week of falls after Libyan ports reopened and on the view that Iran might still export some crude despite US sanctions.

The Saudi index gained 0.5 percent, with petrochemical group Saudi Basic Industries Corporation (SABIC) rising 1.1 percent and Al Rajhi Bank climbing 0.5 percent. Other banks were also big gainers, with Banque Saudi Fransi climbing 1.7 percent.

Arriyadh Development Co gained 2.6 percent, despite second-quarter net profit dipping by 3 percent to 44.6 million riyals ($11.9 million).

In Dubai, DXB Entertainments rose by 1.7 percent after the company said its visitor numbers in the first half of 2018 were up 46 percent compared to the same period of last year.

Emaar Properties closed up 0.8 percent, while Emaar Malls rose by 1.9 percent. After the market closed, Emaar Malls announced it had appointed former Marks & Spencer executive Patrick Bousquet-Chavanne as its new chief executive. He will take over from current chief executive Nasser Rafi in early August, it said.

The Dubai index edged up 0.6 percent.

Abu Dhabi’s index closed 0.2 percent up, with First Abu Dhabi Bank climbing by 0.4 percent. Dana Gas finished 2.9 percent up.

Doha’s main index closed 0.2 percent higher.

Qatar Islamic Bank was the main gainer, rising by 1.5 percent. Qatar’s largest sharia-compliant lender by assets, beat the average forecast of analysts as it reported a 14.8 percent jump in second-quarter net profit on Sunday, according to Reuters calculations.

Saudi Arabia

The index gained 0.5 percent to 8,405 points.

Dubai

The index rose 0.6 percent to 2,900 points.

Abu Dhabi

The index gained 0.2 percent to 4,696 points.

Qatar

The index went up 0.2 percent to 9,341 points.

Kuwait

The index fell 0.2 percent to 5,336 points.

Bahrain

The index rose 0.1 percent to 1,344 points.

Oman

The index added 0.4 percent to 4,457 points.

Egypt

The index shed 0.2 percent to 15,843 points.