Saudi Arabia’s stock exchange (Tadawul) rose on Tuesday, boosted by corporate financial results, while most other major Gulf stock markets fell on losses in financial stocks.
Saudi Arabia’s main index rose 0.7%, with SABIC (Saudi Arabian Basic Industries Corporation) up 1.5%, while Ma’aden (Saudi Arabian Mining Co.) jumped 5%.
SABIC rose for six consecutive sessions, after Saudi Aramco said in its IPO-related prospectus that it expects to close the acquisition deal of SABIC in the first half of next year, according to Reuters.
Saudi Paper Manufacturing Co. jumped 6.3% after the company said its accumulated losses fell to 7.84% of the capital.
Abdullah Al-Othaim Markets Co. rose 3.5%, while Dallah Healthcare Co. rose 1.9% after the two companies proposed a nine-month and first-half dividend.
But Fawaz Abdulaziz Alhokair Co. fell 4% after the retailer posted a quarterly loss attributable to an increase in depreciation and amortization expenses.