Saudi stocks outperform record highs despite the decline in Gulf markets

The Saudi stock market closed at its highest level in more than 15 years on Tuesday as oil prices resumed gains, while the Egyptian stock market fell amid profit-taking sales following a recent rally.

The Saudi stock index ended the trading session, up 0.3%, to reach its highest level since July 2006, and Al-Rajhi Bank’s shares rose 3.1% to close at the highest level in more than 15 years.

Shares of Etihad Etisalat jumped about 3% after the company announced an increase in quarterly profits.

In Abu Dhabi, the main index fell 0.1%, affected by the decline in the shares of First Abu Dhabi Bank by 0.6% and the share of the International Holding Company, which fell 0.4%.

In Dubai, the main stock index gave up its initial gains to close flat. Emirates NBD shares fell 0.7% ahead of the announcement of its results. Logistics services Aramex rose 1.9%.

The benchmark index of Qatari shares ended the trading session up 0.2%, supported by a 1% increase in the shares of Qatar National Bank, the largest bank in the Gulf.

The Oman Stock Exchange was closed today for a public holiday.

Outside the Gulf region, the blue-chip index in the Egyptian Stock Exchange fell 0.7%, rebounding from ten consecutive sessions of gains, with Commercial International Bank (CIB) falling 1%.

 
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