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Aug 1 (Reuters) – The Abu Dhabi stock market ended higher on Sunday, hitting a record high during the session, while the Saudi index was supported by gains in bank stocks.
The Saudi benchmark index (.TASI) ended up 0.5%, with Al Rajhi Bank (1120.SE) up 2% after posting a 48% jump in quarterly profits, helped by a increase in net financing and investment income, and bank service charges. Read more
The bank reported net profit of 3.6 billion riyals ($ 959.92 million) for the period ended June 30, compared to 2.44 billion in the same period a year earlier.
Among other winners, Alinma Bank (1150.SE) added more than 2% after reporting a rise in its quarterly net profit.
Saudi banks have benefited from mortgage growth and an economic recovery this year following the easing of lockdowns imposed to fight the coronavirus outbreak.
In Abu Dhabi, the index (.ADI) rose 1%, driven by a 5.5% jump by Emirates Telecommunications Group (Etisalat) (ETISALAT.AD).
On Thursday, Etisalat announced quarterly net profit of 2.40 billion dirhams (653.49 million dollars), against 2.39 billion dirhams a year earlier.
In a separate stock exchange filing, Etisalat also approved an interim dividend distribution of 40 fils per share for the first half of 2021.
The main Dubai Stock Index (.DFMGI) rose 0.6%, led by a 1.2% increase in Sharia-compliant lender Dubai Islamic Bank. (DISB.DU)
However, the Dubai financial market (DFM.DU) fell 2.8% following a drop in second quarter net profit.
The Qatari benchmark (.QSI) fell 0.2%, under pressure from a 1.1% drop from the Qatar National Bank (QNBK.QA).
Outside the Gulf, Egypt’s blue-chip index (.EGX30) closed 0.6% higher, with most stocks in the index in positive territory.
The Egyptian stock exchange will lift the limit on intraday stock price movements to 20% from September, the exchange said on Sunday.
($ 1 = 3.6726 UAE dirhams)
($ 1 = 3.7503 riyals)
Reporting by Ateeq Shariff in Bengaluru Editing by Mark Heinrich
Our Standards: The Thomson Reuters Trust Principles.
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