Saudi Arabia's main stock market index rose for a sixth consecutive session on Sunday as gains in petrochemical shares overshadowed losses in oil giant Aramco, while Qatar was boosted by financials. Saudi Arabia's benchmark index edged up 0.1% with Al Rajhi Bank gaining 0.6% while National Industrialisation (Tasnee) was up 4.3%.
Among other stocks, Saudi Vitrified Clay Pipe surged 10% after its board proposed a 1 riyal per share dividend for the second half. Saudi Aramco's shares, however, fell for a fourth-day in a row, to close 0.6% down at 35.3 riyals ($9.41).
Last week, Aramco was included in the MSCI, Saudi Tadawul index and FTSE benchmark. In Qatar, the index added 1.3% after the market reopened after a four-day break, the Gulf's largest lender Qatar National Bank climbed 2.9% and Industries Qatar ended up 1.8%.
Last Week, Qatar announced its biggest budget in five years. The Gulf state said it would spend 1.9% more in 2020 than this year, outlining a 210.5 billion Qatari riyal ($57.81 billion) budget to complete infrastructure projects including facilities for the 2022 soccer World Cup.
Egypt's blue-chip index closed 0.4% higher as the country's largest lender, Commercial International Bank, gained 1%, and EFG Hermes was up 0.9%. In Abu Dhabi, the index retreated 0.3%, as market heavyweight First Abu Dhabi Bank lost 0.8% and Abu Dhabi Commercial Bank dropped 2.2%. Dubai's index was also down 0.2%, with Dubai's largest lender Emirates NBD Bank falling 1.9% and developer Emaar Properties down 1%.
However, the index saw support from Dubai Islamic Bank, as it was up 1.1%. On Wednesday, the sharia-compliant lender received shareholder approval to acquire unlisted Dubai-based Noor Bank.
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