Major Gulf bourses end mixed; Saudi National Bank buoys up Tadawul

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Major Gulf bourses end mixed; Saudi National Bank buoys up Tadawul

On Sunday, a basket of major Gulf bourses had wrapped up the day in an ambivalent complexion, though Saudi’s main index roared back, mostly boosted up by the gains of its top lender, Saudi National Bank, previously known as National Commercial Bank.

In factuality, in the day’s broad-based rally in Saudi’s main index comes over the heels of a Thursday announcement of a merger between National Commercial Bank and Samba Financial Group, which in effect had created the Kingdom’s largest banking entity, Saudi National Bank, while in a separate regulatory filing with Tadawul, the combined banking entity was quoted saying earlier in the day that it would lay off as many as $955 million in dividends to shareholders, eventually adding further bullish wind to investors’ morale in the Kingdom of Saudi Arabia.

Gulf bourses close out mixed; National Commercial Bank leads Saudi higher

In tandem, in the day’s Gulf market closing bell, Saudi’s main index gained 0.7 per cent with a 3.6 per cent jump in the shares’ prices of Saudi National Bank.

Dubai’s benchmark index shed 0.3 per cent following a 3 per cent slide in shares’ prices of Emirates Integrated Telecommunications, while Abu Dhabi’s main index rose 0.2 per cent, largely buoyed up by a 1.6 per cent gain in Abu Dhabi Islamic Bank alongside a 2.5 per cent upswing in International Holding.

Qatari bourse wrapped up the day 0.2 per cent lower as Government data revealed that the Qatari economy had contracted by 3.9 per cent in the fourth quarter of 2020 with transportation and storage activities souring as much as 32.8 per cent.

Outside the Gulf, Egypt’s blue-chip index drooled 1.3 per cent with Commercial International Bank plunging 3.5 per cent. Elsewhere in the Gulf, Bahrain added 0.2 per cent and Oman lost 0.1 per cent, while Kuwaiti bourse edged 0.2 per cent higher.