The main index of the Saudi Stock Exchange fell 2.2 percent (AFP)
landed most stock exchanges In the region strongly today, Sunday, following the trail of its global counterparts andoil prices Which declined in the previous session due to concerns that a rise than expected in US inflationLast May, monetary policy tightened for a prolonged period, which in turn might cause a sharp slowdown in economic growth.
Investors became concerned following China re-imposed closures, which reinforced concerns regarding oil demand, which largely determines the direction of markets in the region.
The main index of the Saudi Stock Exchange fell 2.2 percent, affected by a sharp decline in the shares of the financial sector and the energy sector.
Aramco shares fell three percent, while Al-Rajhi Bank fell 1.2 percent.
But the share of the Saudi Telecom Company jumped 6.57 percent, following its board of directors proposed increasing the issued capital by 30 billion riyals (eight billion dollars) by issuing 1.5 free shares for each share.
The company’s board of directors also recommended changing its dividend distribution policy, from one riyal ($0.26) per share per quarter to 0.40 riyals ($0.10) in response to the proposed capital increase.
In Qatar, the main stock index fell 1.4 percent, with Qatar Islamic Bank falling 2.7 percent and Industries Qatar 1.8 percent.
Outside the Gulf region, the Egyptian blue-chip index fell by 1.4 percent, with Commercial International Bank (CIB) falling by 2.2 percent and Eastern Tobacco by 4.1 percent.
The Ministry of Petroleum said in a statement today, Sunday, that Egypt plans to establish a new area for storing crude oil in the Tabbin area, south of Cairo.
(Archyde.com)
