Major stock markets in the Gulf put in a mixed performance on Tuesday as investors turned cautious ahead of the U.S. Federal Reserve's interest rate decision and commentary.
The operator of fitness centers in the Middle East and north Africa, Leejam posted a 22.9% rise in fourth-quarter net profit © Mena Today
Major stock markets in the Gulf put in a mixed performance on Tuesday as investors turned cautious ahead of the U.S. Federal Reserve's interest rate decision and commentary.
Saudi Arabia's benchmark index was up for a sixth straight session and ended 0.3% higher, with rising 1.7% and oil major Saudi Aramco gaining 1%.
Among other gainers, Leejam Sports surged 8.1%, hitting its all-time high of 243 riyal a share.
The operator of fitness centers in the Middle East and north Africa, Leejam posted a 22.9% rise in fourth-quarter net profit and raised its quarterly cash dividend by 20%.
The Fed is widely expected to hold rates steady in a meeting on Wednesday, with the market's attention on policymakers’ updated economic and interest rate projections and comments from Chair Jerome Powell.
Saudi oil giant Aramco announced Tuesday a 44% surge in net profit for the second quarter compared to the same period last year, driven by soaring crude prices amid the war in the Middle East.
Saudi Arabia, Russia and five other OPEC+ members meeting online Sunday agreed to raise oil production quotas for September, even as war rages across the Middle East.
Two Israeli banks will halt working with their Palestinian counterparts in the coming months citing risks of associating with possible terrorism financing and money laundering, Israeli officials said, fuelling concerns of a Palestinian economic crisis.
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