Saudi lift as bank shares bounce back

Saudi Arabia’s stock market rose sharply on Thursday, boosted by rebounding bank shares, while most Gulf markets were little changed in quiet trade.

The Saudi index rose 1.2 per cent, with National Commercial Bank, the largest Saudi lender, adding 2.5 per cent and Al Rajhi Bank gaining 2.3 per cent.

Anaam International Holding Group surged to its 10 per cent limit in heavy trade after it signed a preliminary agreement to buy real estate and commercial assets owned by Abdullah Abbar & Sons Cold Stores and Dar Al Abbar.

Amana Cooperative Insurance added 1.2 per cent after the Capital Market Authority approved its request to raise 100 million riyals through a rights issue.

Abdullah Saad Mohammed Abo Moati, a third-tier stock traded by local retail investors, jumped 9.2 per cent in light trade after reporting a rise in its third-quarter profit.

But Saudi Industrial Export fell 10 per cent, its seventh day of losses after gaining more than 200 per cent since early October.

Qatar’s index rose 0.4 per cent as telco Ooredoo was the top gainer, increasing 2.7 per cent while Vodafone Qatar added 1.1 per cent.

The Qatar stock exchange reported a technical failure and cancelled all trades executed before the glitch. It did not disclose details, and subsequently resumed trading.

The Egyptian blue-chip index lost 0.4 per cent. The country’s largest lender, Commercial International Bank, dropped for a third straight session and was 1.9 per cent lower.

Palm Hills Developments lost 1.9 per cent, despite posting a much higher third-quarter profit.

But Juhayna Food Industries continued to gain and rose 3.9 per cent to 11.00 Egyptian pounds. HSBC had raised its rating on the stock to “hold” from “reduce”, with a price target of 9.5 pounds.

The Abu Dhabi index was up 0.3 per cent after falling in the last two sessions. First Abu Dhabi Bank, rose 1 per cent and Abu Dhabi Commercial Bank gained 2 per cent.

Dubai’s index was flat. Dubai Investments fell back 2 per cent after snapping a five-day losing streak on Wednesday.

Shuaa Capital rose 2.9 per cent after saying it had acquired a 4.8 per cent stake in Ajman Bank for Dh100m.