Monday, September 20, 2021

Major Gulf bourses gain as Saudi Aramco Q2 profits surge

Major Gulf bourses gain as Saudi Aramco Q2 profits surge

On Sunday, a basket of major Gulf bourses had closed out the session in an affirmative territory, largely led by a swathe of upbeat corporate earnings’ report with Abu Dhabi’s benchmark index hitting an all-time high.

On top of that, in the day’s large gains in major Mideast stock indices were mostly led by an upsurge in Saudi Aramco’s quarterly earnings’ report which had posted a nearly four-fold jump in operational profits over latest quarter.

Nevertheless, gains were checked by a mass-scale decline in crude oil prices last week, a key catalyst for a slew of Gulf stock indices, as US crude oil futures’ prices had reported their steepest weekly plunge in nine months and Brent crude contracts had clocked their largest weekly drop in more than four months.

However, almost all major Gulf bourses had opened up the session on cloud nine following upbeat quarterly earnings’ report from financials, while Saudi Aramco’s upbeat Q2, 2021 earnings had added to further bullish wing on investors’ optimism, nonetheless, Dubai had pared earlier losses after opening up the day sharply lower.

Gulf burses gain on optimism over solid economic recovery

Citing statistics, in the day’s Gulf market closure, Saudi’s main index edged 0.1 per cent higher with Al Rajhi and Dr. Sulaiman Al-Habib Medical Services rising 0.7 per cent and 2 per cent respectively, while Saudi Aramco rose by 0.3 per cent.

Dubai’s main index added 0.1 per cent following a 1.9 per cent increase in the shares’ prices of Aramex, while Abu Dhabi’s benchmark index gained 1.1 per cent to hit a record closing peak with International Holding climbing as much as 3.4 per cent.

Outside the Gulf, Egypt’s blue-chip index inched higher following a 0.3 per cent rise in the shares’ prices of the country’s leading lender, Commercial International Bank. Elsewhere in the Gulf, Qatari bourse added 0.4 per cent with the Gulf nation’s largest lender Qatar National Bank gaining 0.9 per cent, while Kuwait stock exchange remained closed due to a public holiday.

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