Mideast Stocks: Abu Dhabi outperforms Gulf bourses, at record high

Mideast Stocks: Abu Dhabi outperforms Gulf bourses, at record high

Abu Dhabi's stock market reached an all-time high on Sunday, led by gains in top lender, while the Saudi index pulled back from a 15-year high. In Abu Dhabi, the index advanced 0.9%, hitting a record high, with the country's largest lender rising 2.1%. Emirati banks' assets are expected to grow 8% in 2022, Dubai-based Al Arabiya TV channel cited the head of the United Arab Emirates Banks Federation Abdul Aziz Al Ghurair as saying on Sunday. The UAE economy will reap benefits from the world fair Expo 2020 for about nine years, he said, according to the channel. Saudi Arabia's benchmark index fell 0.8%, with declining 3%, ending a five-day winning streak. On Sunday, Al Rajhi reported a net profit of 3.79 billion riyals ($1.01 billion) for the quarter ended Sept. 30, up from 2.66 billion riyals in the same period last year. But climbed 2.8%, after it swung to a quarterly net profit. Meanwhile, the kingdom wants to be the biggest supplier of hydrogen, the country's Energy Minister Prince Abdulaziz bin Salman al-Saud said on Sunday. Dubai's main share index gained 0.8%, led by a 8.7% jump in logistic firm . In the previous session, Aramex surged 14.9%,