Saudi index hits 15-year peak as most Gulf bourses gain

Arab World Materials 19 October 2021 16:18 (UTC +04:00)
Saudi index hits 15-year peak as most Gulf bourses gain

Saudi stocks scaled a more than 15-year high on Tuesday, rising for a fifth session in six and leading gains in the Gulf as crude oil prices reversed earlier losses, Trend reports with reference to Reuters.

Oil prices recouped earlier losses as falling temperatures in China, the world's biggest energy consumer, revived concerns about its ability to meet heating demand needs amid power and coal shortages.

Saudi Arabia's benchmark stock index rebounded 0.4%, touching its highest since July 2006, bolstered by a 2.2% gain in Al Rajhi Bank and a 0.5% rise in top lender Saudi National Bank.

Telecom firm Etihad Etisalat advanced 1.8% after reporting a rise in quarterly profit.

The kingdom's crude oil exports rose in August for a fourth consecutive month to the highest since January 2021, the Joint Organisation Data Initiative said on Monday.

Dubai's main share index added 0.3%, helped by a 0.8% rise in sharia-compliant lender Dubai Islamic Bank and a 0.5% increase in blue-chip developer Emaar Properties.

However, Emirates NBD Bank eased 0.4% ahead of its earnings announcement.