Stock markets in the Middle East were mixed on Monday as the Saudi bourse rallied, boosted by global investment firm Kingdom Holding, which continued to recover.
Saudi Arabia’s main index rose 0.4 percent, with Kingdom Holding gaining 2.4 percent to 10.28 riyals. The stock posted its biggest daily volume since February 2016.
The losers were the gainers, with gains of 93 to 79. Fawaz Abdulaziz Al Hokair slipped 2.5 percent after jumping 6.8 percent in the previous session.
Saudi International Petrochemical Co. (Sipchem) rose 1.7 percent after net profit for the fourth quarter of last year jumped to 164.4 million riyals ($ 43.8 million) from 31.9 million riyals a year ago, beating SICO Bahrain’s forecast at 154 million riyals And NCB Capital at 135 million riyals.
Dubai’s index fell 0.3 percent, but Bahrain-based Ithmaar Holding Financial Services rose to 0.76 dirhams on the first day of trading in Dubai from its low of 0.67 dirhams.
Ithmaar Holdings was the most heavily traded stock in the Dubai market, with 70 million shares traded, accounting for about a third of the total trading volume. Bahrain’s listed company jumped 8.3 percent to 19.5 cents a share, or 0.72 dirhams.
Abu Dhabi’s main index fell 0.1 percent as Abu Dhabi National Energy (TAQA) fell 3.5 percent. But Qatar’s index rose 0.4 percent as Qatar National Bank, the country’s largest bank, rose 2.4 percent.
At the close, the Saudi index rose 0.4 percent to 7,568 points, while the Dubai index fell 0.3 percent to 3,555 points, and the Abu Dhabi index fell 0.1 percent to 4,426 points.
In Qatar, the index rose 0.4 percent to 9,450 points, Egypt’s index rose 0.4 percent to 15,376 points, Kuwait’s index rose 0.7 percent to 6,673 points.
In Manama, the Bahrain index rose 0.2 percent to 1,345 points, and the Muscat index rose 0.2 percent to 5003 points.