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The latest goss around GCC bank earningsMENA

The latest goss around GCC bank earnings

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.