New Age Banking Summit 2021 opens on Sept 22 omanobserver.om - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from omanobserver.om Daily Mail and Mail on Sunday newspapers.
Saudi Arabian stocks extended their losses under selling pressure from banking blue-chips, while other GCC markets put on a lackluster performance ahead of first quarter earnings in the coming days.
Saudi Arabian benchmark index traded lower by 0.3 per cent at 9,908 points in what was its third straight day of losses. Financial stocks weighed the index more than other sectors with Al Rajhi Bank, Banque Saudi Fransi and Arab Bank heading lower. Chubb Arabia Cooperative Insurance dipped after its board said there would be no dividend handouts for last year.
Down on merger talks
Alahli Takaful sank 3.2 per cent after signing of a memorandum of understanding with Arabian Shield Cooperative Insurance aimed at a potential merger. They did not state the amount Alahli Takaful will be valued at or what the number of shares its shareholders will get in Arabian Shield post-merger.
Gulf markets headed up with Abu Dhabi leading from the front, again taking their upbeat sentiments from global markets and encouraging economic news from the US.
Saudi Arabia s benchmark index closed Tuesday 0.2 per cent higher at 9,989 points. Advanced Petrochemical jumped 4.2 per cent after its first-quarter profits soared by more than 64 per cent to SR171 million, while there was an 18 per cent rise in sales to SR632 million. The firm attributed the higher top- and bottom-line to a 36 per cent increase in polypropylene sales prices coupled with a surge in share of profit from an investment in South Korean venture SK Advanced.
UAE stocks keep momentum, with Abu Dhabi market at highest point since 2005 gulfnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulfnews.com Daily Mail and Mail on Sunday newspapers.