PARIS, France - The Saudi stock market closed higher on Sunday, boosted by a slew of strong earnings reports, while the Egyptian bourse continued its downward trend.
The Tadawul All Share Index (TASI) rose 1.2% to 11,257 points, led by gains in the banking sector.
Saudi British Bank (SABB) soared 6%, its biggest intraday gain since December 2021, after reporting a quarterly net profit of 1.77 billion riyals ($472 million), up from 1 billion riyals a year ago.
The lender attributed the increase to higher net special commission income and lower operating expenses.
Other banks also posted positive results, with Riyad Bank surging 8.3%, Alinma Bank rising 4.2% and Banque Saudi Fransi gaining 3.9%.
The oil giant Saudi Aramco advanced 2%, as oil prices jumped on Friday on signs of economic strength and optimism over demand recovery.
The kingdom’s economy grew by 3.9% year-on-year in the first quarter of 2023, according to initial government estimates of real gross domestic product published on Sunday.
Non-oil activities grew by 5.8% in the first quarter from a year prior, while oil activities grew by 1.3%.
In contrast, the Egyptian Exchange (EGX) extended its losses for the fifth consecutive session, as investors remained cautious amid rising inflation and interest rates.
The EGX30 index fell 0.4% to 17,235 points, with most of its constituents ending in the red.
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