Mideast Stocks: Saudi shares rise after holiday break as most Gulf markets dip
23/06/2024 14:03
By Md Manzer Hussain
June 23 (Reuters) - Saudi and Egyptian stocks climbed on
Sunday, supported by broad-based gains as investors returned
from a week-long Eid break, while most Gulf bourses ended lower.
Saudi Arabia's benchmark index .TASI rebounded after it
hit a six-month low in the session before a holiday break, and
ended 2% higher with most of its constituents posting gains.
Utility firm ACWA Power 2082.SE rose 10% and Saudi
National Bank 1180.SE , the kingdom's largest lender, advanced
3.6%, while oil major Saudi Aramco 2222.SE added 1.4%.
Among other gainers, Rasan Information Technology 8313.SE ,
surged 10.6% to 53.20 riyals per share on its first trading day
after its market debut on June 13. The fintech firm Rasan was
43.8% higher than its initial public offering price of 37
riyals.
The Qatari benchmark index .QSI was up 0.2%, extending its
gains for the fourteenth session, the longest rally in nearly a
year.
Qatar International Islamic Bank QIIB.QA rose 1.1%, while
petrochemicals and fertilizers conglomerate Industries Qatar
(IQ) IQCD.QA and fuel distributor Qatar Fuel Co QFLS.QA
added 0.2% and 0.9% respectively.
IQ and Qatar Fuel's largest shareholder, energy giant
QatarEnergy has entered into a long-term agreement to supply
ENEOS Corporation, a refining and petrochemical company based in
Japan, with up to 9 million tons of naphtha over 10 years.
Outside the Gulf, Egypt's blue-chip index .EGX30 advanced
for a fifth consecutive session to end 2.4% higher, with almost
all stocks on the index posting gains. EFG Holding HRHO.CA
climbed 6.3% and Telecom Egypt ETEL.CA rose 7%.
SAUDI ARABIA .TASI rose 2% to 11,730
KUWAIT .BKP was down 0.3% to 7,628
QATAR .QSI gained 0.2% to 9,717
EGYPT .EGX30 rose 2.4% to 27,062
BAHRAIN .BAX lost 0.1% to 2,040
OMAN .MSX30 was down 0.5% to 4,657
(Reporting by Md Manzer Hussain
Editing by Gareth Jones)
((MdManzer.Hussain@thomsonreuters.com;))