Banks, actual property shares weigh on Saudi; insurer lifts Qatar


Feb 26 (Reuters) – Major stock markets in the Gulf ended mixed on Sunday, with Saudi Arabia’s index pressured by real estate and banking shares, but a 10% surge in Qatar Insurance (QINS.QA) lifted the Qatari index.

Saudi Arabia’s benchmark index (.TASI) fell 1%, recording its sixth consecutive decline.

The luxury real estate developer Retal Urban Development (4322.SE) lost 3% while Al Rajhi Bank (1120.SE) was down 1.8%.

Among other stocks, Saudi Tadawul Group fell 4.7% after its annual profit declined more than 27% to 424.6 million riyals ($113.17 million).

The latter also slashed its annual dividend to 2.31 per share from 3 riyals a year ago.

Middle East Healthcare (4009.SE) jumped 10% after its annual profit soared more than 300% compared to a year earlier.

The Qatari Stock index (.QSI) rose 0.7%, ending three consecutive sessions of losses, buoyed by its financial stocks.

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Gulf’s largest insurer Qatar Insurance (QINS.QA) jumped nearly 10% for second consecutive session with about 9 million shares trading hands, marking a turnover of over 15 million riyals – its largest since September, after saying its listed unit in Oman, Oman Qatar Insurance (OQIC.OM) acquired another listed rival Vision Insurance (VISN.OM).

The insurer on Wednesday hit a more than 13-year low after reporting a consolidated net loss of 637 million riyals ($174.14 million) for fiscal year 2022, compared to a profit of 630 million riyals ($172.23 million) a year earlier.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) added 1.2%, led by gains in almost all sectors, with Commercial International Bank (COMI.CA) rising 1.3% and Telecom Egypt(ETEL.CA) gaining 4.2%.

($1 = 3.6580 Qatar riyals)

($1 = 3.7519 riyals)

Reporting by Shamsuddin Mohd in Bengaluru
Editing by Christina Fincher

Our Standards: The Thomson Reuters Trust Principles.


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