Tadawul moves higher in post-holiday trading

Saudi Arabia’s Tadawul index jumped 0.15 percent in morning trade on Sunday, amid mixed trading in regional bourses, after the market reopened following a weeklong holiday break.

By 11:05 AM Riyadh time, Tadawul index was trading higher at 8564.87.

In early trade, however, weakness in banking shares pushed Saudi index lower, according to Reuters report.

Banking stocks have been under pressure in recent weeks from the Saudi central bank's decision to follow the U.S. Federal Reserve in cutting interest rates, which analysts expect will squeeze profit margins at Saudi lenders, Reuters reported.

Year-to-date (YTD), Saudi markets are up 9.2 percent.