(Reuters) – The Saudi stock market closed higher on Sunday, thanks to gains in the banking sector, while the Egyptian Stock Exchange advanced with broad gains.
The Saudi index increased by one percent, thanks to the rise of Al-Rajhi Bank (SE: 1120) 0.9 percent and the rise of Dr. Sulaiman Al Habib Medical Services, 9.1 percent.
The Saudi Press Agency reported on Thursday that the Saudi monarch, King Salman bin Abdulaziz, has ordered the extension of several government initiatives to support the private sector to mitigate the effects of the outbreak of the Corona virus.
Shares of Almarai rose 1.2 percent after it announced a second-quarter profit rise year on year.
The main Egyptian index closed up 1.8 percent after a two-day holiday. And 25 of the 30 stocks rose on the index, including the shares of Commercial International Bank, which rose 2.2 percent.
In Qatar, the index fell 0.3 percent, affected by the decline of Rayan Bank 1.4 percent, and the loss of Qatar National Bank, the largest Gulf bank, one percent.
Al Rayyan Bank and Khaleeji Commercial Bank said on Tuesday they had started talks on a possible merger that could result in an entity with assets in excess of 164 billion riyals ($ 45 billion).
The main index of Dubai closed stable, in light of the mixed performance of shares in the financial and real estate sectors. DAMAC Properties jumped 5.6 percent.
On Wednesday, Damac’s share made its biggest daily gain since March, after a Reuters report that the chairman was considering buying minority shareholder holdings and canceling the listing of the company.
Abu Dhabi index lost 0.2 percent. Etisalat fell 1.3 percent.
The UAE announced a massive restructuring of the government on Sunday with the goal of becoming more “flexible and expeditious” in decision-making following the pandemic of the emerging Corona virus, and the changes included merging ministries and government agencies and appointing two new ministers of the economy and industry.
The following are the closing levels of Arab stock market indices on Sunday:
Saudi Arabia .. the index rose one percent to 7388 points.
Abu Dhabi .. The index fell 0.2 percent to 4,204 points.
Dubai .. The index settled at 2062 points.
Qatar .. the index fell 0.3 percent to 9187 points.
Bahrain .. The index rose 0.3 percent to 1278 points.
Sultanate of Oman .. The index fell 0.1 percent to 3,508 points.
Kuwait .. The index rose 0.4 percent to 5624 points.