2023-05-08 14:12:00
After reports revealed weak corporate profits, which affected investor sentiment
Stock markets in the Gulf concluded trading today, Monday, in contrast with investors’ concern regarding global and local economic developments, and following reports revealed weak corporate profits, which affected investor sentiment.
The Abu Dhabi index fell 0.2%, affected by the 2.4% drop in Alpha Abu Dhabi Holding. Fadi Riad, senior market analyst for the Middle East and North Africa at Capix.com, said that the Abu Dhabi stock market was under pressure as traders continued to preoccupy themselves with thinking regarding whether they would make gains following a modest recovery in April.
“While limited stimuli left the market without clear support, a strong recovery in oil prices may help limit losses, or push the market in a positive direction,” he added.
The Saudi stock market index closed flat following recovering losses early in the session.
The session witnessed the announcement of many companies for their quarterly data, in addition to the announcement of the Saudi Tadawul Holding Group that its subsidiary, Tadawul for Advanced Solutions (Wamda) signed a sale and purchase agreement with the Second Investment Initiatives, according to which Wamed will acquire 51% of the issued capital of the “Mubasher Financial Network” company (Direct Financial Network Ltd.) (Direct FN) at a value of 133.95 million riyals.
The Dubai index also closed unchanged once morest a 0.4% rise in the Qatar index.
Despite the growth of the “Commercial Bank of Qatar” by 3.2%, the index’s gains remained limited due to the decline in the share of “Industries Qatar” by 0.8%, following the company recorded a sharp decline in its quarterly net profits. In addition, the shares of “Qatar Aluminum Industry” recorded a loss of 2.6%, following recording weak profits in the first quarter.
Outside the Gulf region, the Egyptian blue-chip index rose 2.4%, ending losses for five consecutive sessions. Most of the stocks rose on the index, including “Abu Qir Fertilizers” and “Chemicals”, which closed up by 9.4%.
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