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.
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. read more
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.
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.
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.
($1 = 3.6580 Qatar riyals)
($1 = 3.7501 riyals)
Reporting by Ateeq Shariff in Bengaluru; editing by David Evans
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