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Saudi stocks rose on Tuesday, supported by positive financial results for the second quarter of the year, while some petrochemical stocks fell due to falling oil prices. Saudi Kayan, which fell 1 percent, and the national industrialization, which fell 3.3 percent. [19659003] Saudi bank stocks increased, with SABB up 1.5 percent and Arab National Bank 0.3 percent. SABB has proposed a cash dividend of 0.96 Riyals per share for the first half of the year. The Arab National Bank (BNK) announced today an increase in its profits of 919.1 million SAR in the second quarter, against 849 million SAR the previous year.
The Dubai index fell 0.2%, with Drake & Scull International Rose one percent. The stock eventually dropped due to worries about the company's financial situation and prospects and the results of an investigation by the UAE authorities on previous administration's financial abuse.
The Abu Dhabi index rose 0.3% before the publication of quarterly financial results released after the market closed. The bank recorded a 19% rise in net income in the third quarter, to 3.1 billion dirhams ($ 844.04 million).
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