Mideast Stocks: Most Gulf bourses gain, Saudi Aramco's Q2 profit soars

Sa Sa International Holdings

08/08/2021 09:27

Aug 8 (Reuters) - Most major stock markets in the Gulf rose
in early trade on Sunday, supported by a slew of corporate
earnings, although Dubai bucked the trend to trade lower.
    Saudi Arabia's benchmark index  .TASI  edged up 0.1%, with
Al Rajhi Bank  1120.SE  gaining 0.9% and Dr Sulaiman Al-Habib
Medical Services  4013.SE  rising 3.1% following an increase in
its quarterly net profit.
    However, the index's gains were capped by losses at the
kingdom's biggest lender Saudi National Bank  1180.SE , which
declined 1.9%.
    The bank reported a higher second-quarter net profit,
however, saw a decrease sequentially in earnings.  urn:newsml:reuters.com:*:nFWN2PC1BX
    Oil behemoth Saudi Aramco  2222.SE  added 0.1%.
    Aramco reported a near four-fold rise in second-quarter net
profit on Sunday, beating expectations and boosted by higher oil
prices and a recovery in oil demand.  urn:newsml:reuters.com:*:nL1N2PF02T
    Aramco's net profit rose to 95.47 billion riyals ($25.46
billion) for the quarter to June 30 from 24.62 billion riyals a
year earlier.
    In Abu Dhabi, the index  .ADI  advanced 1.1%, buoyed by a
4.6% jump in conglomerate International Holding  IHC.AD  and a
0.4% increase in top lender First Abu Dhabi Bank  FAB.AD .
    The Qatari benchmark  .QSI  added 0.1%, with Qatar National
Bank  QNBK.QA , the Gulf's largest lender, rising 0.6% and
petrochemical firm Industries Qatar  IQCD.QA  was up 0.4%.
    Elsewhere, Mesaieed Petrochemical  MPHC.QA  climbed 1.3%,
after reporting a net profit of 909.4 million riyals ($248.61
million), up from 135.1 million riyals a year earlier.
 urn:newsml:reuters.com:*:nFWN2PC11O
    Dubai's main share index  .DFMGI  dropped 0.3%, hit by a
0.4% fall in Emirates NBD Bank  ENBD.DU  and a 0.2% decrease in
Sharia-compliant lender Dubai Islamic Bank  DISB.DU .
    Among other decliners, Aramex  ARMX.DU  retreated 0.6%.
    On Thursday, the courier firm said quarterly net profit fell
31% due to the disruptive impact of the COVID-19 pandemic on
global supply chains.  urn:newsml:reuters.com:*:nL1N2PC090
    
($1 = 3.6580 Qatar riyals)
($1 = 3.7501 riyals)

 (Reporting by Ateeq Shariff in Bengaluru; editing by David
Evans)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))