Saudi stock market rises for the second session and Abu Dhabi is down

DUBAI (Reuters) – Saudi Arabia won Sunday for the second time in a row thanks to financial support, while Abu Dhabi 's first title collapsed in the stock market. emirate to end the eight-day earnings.

The main index of Saudi Arabia rose 0.5%, with Al Rajhi Bank, Riyadh Bank and 3.1% respectively, while the NCB closed up 0.6%.

Saudi Basic Industries Corp (SABIC) fell 0.7%, after the world's fourth largest producer of petrochemicals posted its lowest quarterly profit since the end of 2009.

Sabic attributed this decline to lower average selling prices for products and a decrease in the Company's share of the results of badociates and joint ventures.

SABIC CEO Yousef al-Bunian said his company was not interested in acquiring the Swiss chemical company Clarent, but remained eager to form a partnership because of improved market conditions.

SABIC, which holds 25% stake in the Swiss company, and Clarent announced Thursday that they have frozen their plan to create a joint venture, said Al Bunyan, following a change in market conditions. .

The largest mining company in Saudi Arabia, Maaden, dropped 2.6%.

The main index of Abu Dhabi dropped 0.7%, registering the worst performance in the region. The largest bank in Abu Dhabi, the largest bank in the United Arab Emirates, lost 1.1% and the Emirates Telecommunications Co (Etisalat) lost 0.6%.

ADCB shares were not traded, but the bank recorded an 11% drop in earnings in the second quarter.

It is the first consolidated financial results following the merger of ADCB with Union National Bank and the smaller Crescent bank.

The Dubai index fell 0.2%, under pressure from major shares Emaar Properties and Emirates NBD by 1.3 and 0.4%, respectively.

Aramex Logistics grew 2.5%, while Dubai Islamic Bank grew 0.6%.

The Qatar index fell 0.6%, while the Qatar National Bank (QNB), the largest bank in the region, had lost 1%, while Qatar Industry had lost 0% , 7%.

The index benefited from some support from Aridi Telecom shares, which rose by 1.8%.

Here are the closing levels of the Middle East stock indexes:

Saudi Arabia: The index rose 0.5% to 8,859 points.

– Abu Dhabi – The index fell 0.7% to 5348 points.

– Dubai fell 0.2% to 2,846 points.

Qatar: The index fell 0.6% to 10,573 points.

– Egypt .. The index fell 0.4% to 13,460 points.

– Bahrain: The index rose 0.3% to 1,528 points.

– Oman: The index fell 0.2% to 3,746 points.

– Kuwait: The index rose 0.6% to 6,746 points.