Shares in Saudi Arabia rose sharply on Sunday, lifted by\ncheaper valuations and delays in Aramco’s IPO. Shares of financial institutions\nhave mostly suffered in major Gulf markets.<\/p>\n\n\n\n
The Saudi market rose 2 per cent and posted gains for a\nthird consecutive session as all bank stocks rose. The largest lender in the\nkingdom jumped 5.3 per cent in assets, its biggest daily gain since September\n2018. Al Rajhi Bank also closed up 7.1 per cent.<\/p>\n\n\n\n
The Dubai index fell and recorded continuous losses from the\nprevious session to close 0.5 per cent, and also fell to the largest bank\nlender, Emirates NBD by 1.2 per cent. On Thursday, the lender posted its\nbiggest one-day decline in nearly eight months after the bank’s board approved\na capital increase through a rights issue of 6.45 billion dirhams ($ 1.76\nbillion), lower than the amount decided by the General Assembly in February. $\n7.35 billion this year.<\/p>\n\n\n\n
In Abu Dhabi, the index fell 0.1 per cent, with Emirates\nTelecommunications Co and Abu Dhabi Commercial Bank losing 0.4 per cent each.\nBut Sharjah Islamic Bank rose 1.7 per cent after posting a nine-month rise in\nnet profit. “The news of the delay in Aramco’s IPO\nhas removed the burden and has given investors the confidence to start buying\nagain,” said Akbar Khan, head of asset management at Al Rayan\nInvestment.<\/p>\n\n\n\n
Reuters reported on Friday, citing sources familiar with the\nmatter, that Saudi Aramco had made the initial announcement of its public offer\nin the hope that third-quarter results would boost investor confidence in the\nworld’s largest oil company. Aramco is expected to announce plans this week for\na 1 percent to 2 percent stake in the trading sector, in what would have been\none of the world’s largest public offerings, worth more than $20 billion.<\/p>\n\n\n\n
In Egypt, the benchmark index increased by 0.2 per cent with\nCIB rising by 1.4 per cent. Kuwait Holding in Egypt rose to 1.5%. However,\nEgyptian Citadel fell by 0.8 per cent, although it said it would increase its\nrefining capacity.<\/p>\n\n\n\n
The company will increase its refining capacity to 5,500,000\ntonnes of oil products per year in 2021 from 4,200,000 now, the company\npresident told Reuters.<\/p>\n\n\n\n
Qatar’s index fell 0.2 percent, down 1.6 percent in\nCommercial Bank and 1.8 percent in Mesaieed Petrochemicals.<\/p>\n","protected":false},"excerpt":{"rendered":"
Shares in Saudi Arabia rose sharply on Sunday, lifted by cheaper valuations and delays in Aramco’s IPO. Shares of financial institutions have mostly suffered in major Gulf markets. The Saudi market rose 2 per cent […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":1412,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[93,74,66,79,50,77,105,36,34,145,114,127,120,48,24,78,131,44,10,58,57,70,47,86,31,18,80,23,46,109,81,85,115],"_links":{"self":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1411"}],"collection":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/comments?post=1411"}],"version-history":[{"count":1,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1411\/revisions"}],"predecessor-version":[{"id":1413,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1411\/revisions\/1413"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media\/1412"}],"wp:attachment":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media?parent=1411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/categories?post=1411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/tags?post=1411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}