Middle East

MIDEAST STOCKS Most Gulf bourses gain, Saudi Aramco's Q2 profit soars

4 minute read

Saudi woman walks at the Saudi stock market (Tadawul), in Riyadh, Saudi Arabia March 9, 2020. REUTERS/Ahmed Yosri//File Photo

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Aug 8 (Reuters) - Most major stock markets in the Gulf rose in early trade on Sunday, supported by a slew of corporate earnings, although Dubai bucked the trend to trade lower.

Saudi Arabia's benchmark index (.TASI) edged up 0.1%, with Al Rajhi Bank (1120.SE) gaining 0.9% and Dr Sulaiman Al-Habib Medical Services (4013.SE) rising 3.1% following an increase in its quarterly net profit.

However, the index's gains were capped by losses at the kingdom's biggest lender Saudi National Bank (1180.SE), which declined 1.9%.

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The bank reported a higher second-quarter net profit, however, saw a decrease sequentially in earnings.

Oil behemoth Saudi Aramco (2222.SE) added 0.1%.

Aramco reported a near four-fold rise in second-quarter net profit on Sunday, beating expectations and boosted by higher oil prices and a recovery in oil demand. read more

Aramco's net profit rose to 95.47 billion riyals ($25.46 billion) for the quarter to June 30 from 24.62 billion riyals a year earlier.

In Abu Dhabi, the index (.ADI) advanced 1.1%, buoyed by a 4.6% jump in conglomerate International Holding (IHC.AD) and a 0.4% increase in top lender First Abu Dhabi Bank (FAB.AD).

The Qatari benchmark (.QSI) added 0.1%, with Qatar National Bank (QNBK.QA), the Gulf's largest lender, rising 0.6% and petrochemical firm Industries Qatar (IQCD.QA) was up 0.4%.

Elsewhere, Mesaieed Petrochemical (MPHC.QA) climbed 1.3%, after reporting a net profit of 909.4 million riyals ($248.61 million), up from 135.1 million riyals a year earlier.

Dubai's main share index (.DFMGI) dropped 0.3%, hit by a 0.4% fall in Emirates NBD Bank (ENBD.DU) and a 0.2% decrease in Sharia-compliant lender Dubai Islamic Bank (DISB.DU).

Among other decliners, Aramex (ARMX.DU) retreated 0.6%.

On Thursday, the courier firm said quarterly net profit fell 31% due to the disruptive impact of the COVID-19 pandemic on global supply chains.

($1 = 3.6580 Qatar riyals)

($1 = 3.7501 riyals)

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Reporting by Ateeq Shariff in Bengaluru; editing by David Evans

Our Standards: The Thomson Reuters Trust Principles.

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