Saudi Aramco deepens its losses and major Gulf stock exchanges are closed higher



Major Gulf bourses closed higher, and Aramco deepens its losses

The two UAE exchanges made gains at the close on Sunday, driven by shares in banks and real estate companies, while losses of the oil giant Aramco limited the gains of the Saudi market.

The main index of the Dubai Stock Exchange closed up by 0.3 percent, driven by an increase of 6.1 percent in Damac Properties and 0.5 percent in Emirates NBD.

“DAMAC” confirmed that the “Port Investment Limited” company that transferred its shares to the Omran Group is a company owned by “DAMAC International Limited”, which is a joint venture company in which DAMAC Real Estate in Dubai holds a minority stake of only 20 percent.

In Abu Dhabi, the index rose 0.6 percent, with the largest bank in the country, Abu Dhabi, the first with the same percentage, and Al-Alamiah Holding rising 2.4 percent.

The main Saudi index rose only 0.1 percent, with Al-Rajhi Bank adding 1.9 percent and Bank Albilad 1.5 percent.

The bank announced a net profit of 318.1 million riyals (84.81 million dollars) in the second quarter, up from 304.9 million riyals a year ago.

As for the Saudi oil giant, “Aramco”, its share decreased by 0.8 percent to 32.8 riyals.

Official data on Thursday showed that the value of Saudi oil exports fell 65 percent year on year in May, falling by the equivalent of $ 12 billion.

The Qatari index also rose, but slightly increased by 0.1 percent, driven by an increase of three percent in the share of Commercial Bank and a jump in the share of Qatar Aluminum Manufacturing Company by 8.7 percent after it announced an increase in net profit for the first half of the year, but the share of Qatar Petrochemical Industries Company declined 0.8 Percent before the announcement of its financial results for the second quarter of the year.

Outside the Gulf region, the Egyptian leading stock index rose 0.6 percent and most of the shares were traded in the positive region, including the rise of Hermes Holding Group’s shares, 8.3 percent.

Source: Reuters


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