The Saudi index rose to its highest close in five months on Wednesday as banks rally for a second day on news that the regulator is preparing to remove restrictions on Gulf Arab investment in financial services stocks.
The index gained 0.79% to end at 8,226.97 points, its strongest finish since March 25.
Saudi Hollandi Bank surged 9.91%, having underperformed the index by 18% this year.
Riyad Bank, which ended 5.17% higher, lags the index by 12.6% this year to Wednesday’s close. Samba Financial Group, up 4.87%, is trailing the benchmark by 14.3%.
The Doha index gained for a second day, with the index rising 0.01% to end at 7,476.62 points. Industries Qatar rose 0.18%.
Oman National Investment surged to a 15 and a half-month high, helping the Muscat benchmark close higher for the first time in three days.
Oman National Investment ended 6.82% up at 7.691 rials, having touched 7.920 rials earlier in the session, its highest since May 18, 2006.
The other Gulf markets closed lower as a global equity sell-off spooked investors in the UAE and profit-taking dragged Kuwait’s index off a record high.
Dubai’s benchmark was the biggest loser, falling 1.17% to 4,246.62 points. Emaar Properties paced, dropping 1.81%.
Abu Dhabi’s main index snapped a four-day winning streak, slipping 0.33% to 3,436.66 points.
Selling in the UAE markets was in response to a 2% tumble on Wall Street on Tuesday and declines in Asian and European shares, said Shawkut Raslan, head of brokerage in Prime Emirates.
Kuwait’s benchmark fell for the first day in three as investors booked profits in National Bank of Kuwait (NBK). The index ended 0.60% lower at 12,686.10 points. KBK fell 2.54%.
Bahrain’s index slipped 0.16%, paced by Ahli United Bank, which ended 0.68% lower.
Follow us on
