2023-09-10 14:14:33
Most Gulf stock exchanges concluded trading on Sunday with an increase supported by the rise in oil prices in Friday’s session, but the Saudi index bucked the general trend and closed with a decline.
Oil prices rose 1 percent to a nine-month peak on Friday, following an increase in US diesel futures, and fears of a scarcity of oil supplies following Saudi Arabia and Russia extended production cuts last week.
In Qatar, the index increased 1.1 percent, with most stocks in the index in the positive zone, including Industries Qatar, which rose 3.5 percent. But the Saudi index fell 0.6 percent, with Al Rajhi Bank shares falling 0.9 percent and Alinma Bank 1.7 percent.
An official from the International Monetary Fund said that the Fund expects Saudi Arabia’s gross domestic product growth to slow more than the 1.9 percent currently expected, to reflect the recent extension of oil production cuts, even despite expectations that non-oil sector growth will remain strong.
The Fund said in its latest report that it expects the Kingdom to record a budget deficit of 1.2 percent of GDP in 2023, compared to a surplus of 2.5 percent in 2022.
Outside the Gulf region, the Egyptian index rose 1 percent and reached its highest level ever, driven by a jump in the shares of the Eastern Tobacco Company (Eastern Company), which amounted to 4.7 percent.
The Central Bank of Egypt said on Thursday that net foreign reserves reached $34.928 billion in August, up from $34.879 billion in July.
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