BENGALURU: Saudi Arabia’s stock market rose for a fifth straight session on Wednesday as nearly all its banks gained, while other major Middle Eastern markets were mixed.The Tadawul index closed 1.1 percent higher with National Commercial Bank, the Kingdom’s largest lender, gaining 2.7 percent and Al Rajhi Bank adding 1 percent.The index has gained nearly 16 percent year-to-date, outperforming its major Gulf peers in a rally led by foreign investors, who have been net buyers of Saudi stocks every month this year.A third tranche of the FTSE Russell emerging market index will kick in this month after Saudi stocks were included in two tranches in March and April.Last month, the Saudi equity market joined the MSCI Emerging Market index, which could trigger billions of dollars in inflows.The Abu Dhabi index added 0.4 percent with First Abu Dhabi Bank, the UAE’s biggest lender, increasing 0.8 percent.Aldar Properties rose 1.1 percent after launching a 1.7 billion dirham ($463 million) residential project.Qatar’s index gained 0.4 percent, led by a 1.3 percent gain in market heavyweight Industries Qatar. Commercial Bank rose 2.4 percent after a stock split of its shares taking effect earlier this week.A 10-to-one stock split for companies on the exchange is being phased in from June 9, aiming to boost liquidity by encouraging smaller investors to buy shares.The Dubai index dipped 0.4 percent with Emaar Properties, its largest listed developer, shedding 0.9 percent and Dubai Investments losing 1.5 percent.Egypt’s blue-chip index fell 0.3 percent as tobacco producer Eastern Companywhich fell 2.9 percent.
