DUBAI: Saudi Arabia’s stock market ended higher on Wednesday, buoyed by a surge in Saudi National Bank, while the Qatari bourse was dragged down by broad-based selling.
The benchmark index advanced 1%, with the country’s largest lender Saudi National Bank jumping 4.2% after it reported a 32.1% rise in first-quarter net profit.
Among other gainers, oil giant Saudi Aramco concluded 2.3% higher.
South Korea’s S-Oil Corp - whose main shareholder is Aramco - said on Wednesday that its first-quarter profit doubled while it expected regional refining margins in the second quarter to stay firm, supported by seasonal demand and easing pandemic restrictions.
Dubai’s main share index gained 0.6%, with sharia-compliant lender Dubai Islamic Bank rising 0.8%.
Investors’ confidence improved and the Dubai market could see additional price increases thanks to the strong fundamentals and the positive impulse brought by the latest initial public offerings, said Daniel Takieddine, CEO MENA BDSwiss.
In Qatar, the index fell 1.1%, as almost all the stocks on the index were in negative territory as the bourse saw further price correction after hitting a record peak earlier this month.
A British judge on Tuesday denied a bid by Qatar Airways to reinstate a jet contract cancelled by Europe’s Airbus in the latest twist to a dramatic feud playing out in UK courts.
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