MENA markets are movin’! Most Gulf bourses traded up over the weekend, with the Abu Dhabi general market index rising around 0.9% to lead the charge. The index’s gain was partly fueled by a more than 2% rise in First Abu Dhabi Bank, the UAE’s largest lender.
Saudi Arabia’s benchmark index finally took a step back after a month of strong gains. The index was weighed down by a nearly 3% fall in Al Rajhi Bank, ending its five-day winning streak. Saudi National Bank, the country’s biggest lender, traded sideways despite posting a 20% rise in third-quarter profits.
why it matters
It’s been a good quarter for MENA stock markets. Abu Dhabi’s general market index is now at all time highs after yesterday’s gain, while Saudi Arabia’s benchmark index is hovering just below a 15-year high.