Tadawul gains on strong earnings

Saudi Arabian shares rebounded yesterday, led by gains in banking shares and corporate earnings announcements, while other major Arabian Gulf bourses were little changed. Saudi Arabia’s benchmark index rose 0.8 per cent to 7,653 points, a day after it saw its sharpest intraday fall since late August as Saudi Aramco disclosed its intention to list its shares on the domestic stock market.

National Commercial Bank increased 1.4 per cent and Saudi British Bank advanced 3.2 per cent.

Aramco on Sunday announced its intention to float on the domestic stock market in what could be the world’s biggest listing as the kingdom seeks to diversify its economy away from oil.

Seera Group Holding, the travel company previously known as Al Tayyar Travel, added 2.3 per cent after it swung to profit in the third quarter. The company posted a 64 million riyal (Dh62.7m) profit, thanks to an increase in gross booking value by 6 per cent to 3.3 billion riyals. Among other stocks, City Cement gained 3.3 per cent after it also posted a third-quarter net profit. The company’s net profit rose to 50.5 million riyals, compared to a 2.4 million loss in the same period last year.

In Abu Dhabi, the index closed 0.1 per cent lower at 5,110 points led by a 9.3 per cent plunge in Ras Al Khaimah For White Cement And Construction Materials.

The company on Sunday reported a drop in its third-quarter revenue, but it posted a higher profit compared with the same quarter a year earlier.

Dubai’s main share index traded flat, closing at 2,707 points, with lender Mashreq Bank rising 5.3 per cent while Emirates Integrated Telecommunications slid 3.6 per cent. However, Emaar Malls gained 0.5 per cent after posting a 12.1 per cent rise in its third-quarter profit.

Egypt’s blue-chip index traded flat at 14,626 points as gains in financial stocks were capped by losses in real estate shares. The country’s largest lender, Commercial International Bank, was up 1.3 per cent, while developer Madinet Nasr ended 2 per cent down.

In Oman, the main market index was up 0.3 per cent, in Bahrain the All-Share index finished flat and in Kuwait, the premier market index fell 0.3 per cent.