November 12 (Reuters) – Saudi Arabia rose on Monday after losing three sessions as investors welcomed Riyadh's plan to cut oil supplies to boost crude oil prices, while Abu Dhabi Islamic Bank surged on support from news that foreigners would be allowed to buy shares.
Saudi Arabia's main index rose 0.8 percent after Saudi Arabia's energy minister said on royal Sunday it would cut oil supplies to the world market by around 0.5 million bpd in December, pushing the benchmark Brent crude up more than 2 percent today. Monday
Al Rajhi Bank rose 1.1 percent, ahead of the biggest exchange support, while Samba Financial Group rose 1.2 percent.
Al-Baha Investment and Development surged to a daily maximum of 10 percent, while companies made profits in the third quarter after Zakat and taxes, compared to the previous year.
Cement companies in the southern kingdom, near the border with Yemen, added to profits on Sunday, with some betting investors ending the war in Yemen, which would increase regional demand for cement for reconstruction. Semen Cement jumped 1.6 percent, while southern cement rose 1.2 percent.
Abu Dhabi's general index fell around 1 percent, its worst daily performance in almost two months, under pressure from most bank shares. Abu Dhabi Commercial Bank fell 3.9 percent.
Funds may have fled the bank to the Abu Dhabi Islamic Bank, which jumped 13.4 percent, reaching a two and a half year high, after the bank said foreigners would be allowed to own up to 25 percent of its shares on November 19. Second. At present, Emirates is only permitted to own Bank shares. The bank section sees the largest trading volume in 10 years.
Egypt's main stock index rose 0.8 percent, driven by El Sewedy Electric's increase of 5.4 percent and East Tobacco by 4.1 percent.
Orascom Development Egypt jumped 9.9 percent to 5.90 pounds after the company said its combined revenue grew 38 percent in the third quarter, prompting Pharos Securities to describe the company's results as "very good".
The Dubai index fell 0.5 percent, recording losses for three consecutive sessions, under pressure from losses from real estate stocks. Emaar Properties fell 2.7% and Damac Properties dropped 1.9%.
Qatar's benchmark index rose 0.2 percent, gaining gains for three consecutive sessions. Qatar National Bank (QNB), the largest bank in the Middle East, rose 1.5 percent after the bank announced the appointment of Abdullah Mubarak Al Khalifa as acting CEO.
Ali Ahmed al-Kuwari, chief executive of the Qatar National Bank Group, was appointed minister of trade and industry in Qatar last week.
The following is the closing rate of the Middle East stock market index:
– Saudi Arabia: The index rose 0.8 percent to 7,775 points.
– Dubai … Benchmark fell 0.5 percent to 2,803 points.
– Abu Dhabi – The index fell 1 percent to 4,954 points.
– Qatar: The index rose 0.2 percent to 10,415 points.
– Egypt – The index rose 0.8 percent to 13678 points.
– Kuwait: The index fell 0.2 percent to 5290 points.
– Bahrain .. The index fell 0.3 percent to 1,308 points.
– Oman … The index fell 0.5 percent to 4,480 points.
(Prepared by Alaa Rushdi for the Arabic bulletin – Edit Islam Yahya)