DUBAI: Saudi Arabia’s index gained 1.2 percent with National Commercial Bank adding 3.9 percent. Ratings agency Moody’s said the bank’s brand and diversified assets make it resilient to slower economic growth in Saudi Arabia.
Al Rajhi Bank was up 1.4 percent after the Capital Market Authority
approved an increase in capital. The bank, which is currently
capitalized at SR16.25 billion ($4.3 billion), proposed increasing its
capital to up to SR25 billion.
Saudi Arabia’s impending entry into emerging market indexes should mean a
$15 billion inflow of “passive” benchmark-linked funds, which will
attract billions more of active funds, regardless of low oil prices or
Saudi’s Almarai climbed 1.7 percent after the firm said it would acquire Premier Foods for an enterprise value of SR108 million.
In Dubai, the index added 0.5 percent with Emirates NBD, its largest
bank, gaining 2.1 percent. The company called a shareholders’ meeting on
Feb. 20 to discuss the issue of non-convertible securities.
Commercial Bank of Dubai rose 0.8 percent after its board proposed a
full-year cash dividend of 20.7 percent of its share capital. The Abu
Dhabi index rose 0.2 percent, with Emirates Telecommunications gaining
0.6 percent. Abu Dhabi Islamic Bank increased 1.6 percent to its highest
since April 2016, its third straight session of gains. The lender has
gained since reporting a 23 percent increase in its fourth-quarter net
Qatar’s index edged down 0.1 percent, with Commercial Bank declining 0.8
percent despite reporting a higher full-year net profit and proposing a
cash dividend of 1.5 riyal per share for the same period.
Egypt’s blue-chip share index rose sharply on Tuesday boosted by major
lender Commercial International Bank after its strong fourth-quarter
earnings, while banks also lifted Saudi Arabia’s stock market.
Egypt’s index gained for a ninth straight session, climbing 2.6 percent with 27 of its 30 stocks rising.
The country’s biggest lender Commercial International Bank jumped 3.9
percent after it reported fourth-quarter net profit after interest of
2.56 billion Egyptian pounds ($146 million) compared to 1.87 billion
pounds a year ago. Global Telecom Holding climbed 3.3 percent to its
highest since July after major shareholder Veon said that it offered to
buy out the firm.
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