Mideast Stocks: Financials lift Saudi shares; blue-chip selloff dents Egypt

Mideast Stocks: Financials lift Saudi shares; blue-chip selloff dents Egypt

Major stock markets in the Gulf reversed course to end higher on Monday, with Saudi Arabian equities leading gains on the back of financial shares, while a blue-chip selloff tripped the Egyptian bourse.Saudi Arabia's benchmark index rose 0.5%, with Al Rajhi Bank increasing 2.1%, after investment bank EFG Hermes raised its raised target price to 89 riyals ($23.73) from 73 riyals earlier."We underestimated Rajhi's success in gaining ground in mortgages and the robust mortgage growth in the Kingdom," EFG Hermes said in a report.Oil giant Saudi Aramco gained 0.4%, as it maintained its pledge to declare a $75 billion dividend for 2020, despite a sharp decline in 2020 profits.The company said on Monday its net debt-to-equity ratio more than doubled to 55% in 2020 from 26% a year earlier.Abu Dhabi's index ended 0.2% higher, snapping three straight days of losses, with telecoms firm Etisalat adding 0.4%.In Qatar, the index , also closed 0.1% higher, supported by a 0.9% gain in petrochemical maker Industries Qatar .In Dubai, the main share index ended 1.2% lower, hit by a 3.5% plunge in Dubai's largest lender Emirates NBD , while blue-chip developer Emaar Properties was down 0.8%.The COVID-19 pandemic has placed added pressure on