On Sunday, a gauge of Gulf bourses had winded down the day mostly lower, however, the Saudi’s main index rose following the $15 billion merger of NCB (National Commercial Bank) and Samba, which in effect would create the third-largest financial entity in the Mideast, while the Egyptian stock exchange had extended its losing streak.
In point of fact, following a Thursday statement from the Kingdom of Saudi Arabia’s largest lender, National Commercial Bank (NCB), that said the NCB had reached a $15 billion merger deal with its smaller rival Samba, which in effect would create an entity having a net asset worth of $214 billion, Saudi’s main index opened higher on Sunday and had logged a gain of 0.8 per cent, while the shares’ prices of Samba climbed 9.9 per cent and the NCB gained 5 per cent.
Gulf bourses end mostly lower
In tandem, Dubai’s main index lost 0.1 per cent, while a decline of 0.7 per cent of Emaar Properties had led the losses, however, the downfalls in Dubai were capped by a 4.2 per cent climb of the Arab Economic Aviation Company.
Nonetheless, against the tide on Sunday’s Gulf market, the Abu Dhabi’s main index rose by 0.4 per cent, mostly led by a 1.5 per cent upsurge of the First Abu Dhabi Bank, the largest lender of the United Arab Emirates, while Qatari bourse had shrugged off 0.6 per cent following a 0.6 per cent decline of Qatar National Bank, the largest lender in the Gulf region.
In factuality, Qatar’s banking stocks had been languishing since last week following a Fitch statement that said the Qatari lenders remained exposed to the risks stemmed from the volatile external financial conditions.
Outside the Gulf, Egyptian blue-chip index shed 0.4 per cent and extended the losses from its previous session, while the losses were mostly led by a 1.3 per cent slump in the shares’ prices of Commercial International Bank.