Most major stock markets in the Gulf rose in early trade on Wednesday, supported by gains in their financial stocks, although Abu Dhabi bucked the trend to trade lower.
Middle EastMIDEAST STOCKS Banks buoy Saudi index; other major Gulf bourses dip
Ateeq Shariff
4 minutes read
An investor monitors a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014./File Photo
Saudi Arabia s stock market outperformed the region on Wednesday, boosted by gains in financial shares, while other major Gulf markets ended lower.
Saudi Arabia s Crown Prince Mohammed bin Salman said on Tuesday the kingdom had no plans to introduce income tax and a decision last July to triple value-added tax to 15% was temporary. read more
The country had tripled VAT to offset the impact of lower oil revenue on state finances in a move that had shocked citizens and businesses expecting more support from the government during the coronavirus pandemic.
Middle EastMIDEAST STOCKS Major Gulf bourses off to a mixed start
Reuters
3 minutes read
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018. REUTERS/Faisal Al Nasser
Major Gulf markets were mixed in early trade on Sunday, with the Saudi index on track to extend gains from the previous session helped by in healthcare and petrochemical shares.
Saudi Arabia s benchmark index (.TASI) gained 0.3%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) rising 1.8% and Saudi Kayan Petrochemical (2350.SE) jumping 4.4%.
The petrochemical firm posted a net profit of 492.9 million riyals in first-quarter compared to a loss of 516.8 million riyals a year earlier.
Middle EastMIDEAST STOCKS Major Gulf indexes make mixed start, with Qatar gaining
Reuters
3 minutes read
Major Gulf share markets were mixed on Monday, with the Qatari index boosted by Commercial Bank (COMB.QA), while Saudi Arabia s benchmark index (.TASI) slipped 0.4%.
In the Saudi market, Al Rajhi Bank (1120.SE) fell 0.5%, while Saudi National Bank (1180.SE), the kingdom s largest lender, retreated 1.7% and Arriyadh Development (4150.SE) dropped 2.4%, as the stock went ex-dividend.
However, Yanbu National Petrochemicals Company (2290.SE) climbed by more than 2%, after it reported a sharp surge in its quarterly profit.
In Dubai, the main share index (.DFMGI) fell 0.5%, hit by a 1.5% fall in Emaar Properties (EMAR.DU), Dubai s largest listed real estate developer which will go ex-dividend on Tuesday, and a 0.9% slip in Emirates NBD Bank (ENBD.DU).