2023-08-07 15:00:56
Kuwait Stock Exchange
Most stock markets in the Gulf region closed lower on Monday, affected by the decline in oil prices and global stocks, while the Egyptian index continued its gains.
Oil prices, a major catalyst for financial markets in the Gulf, have fallen after a prolonged rally.
The Saudi index closed down 0.7 percent, extending its losses for the sixth session in a row, while Aramco’s share rose 1.1 percent after the company announced the results.
The net profit of Saudi Aramco in the second quarter of this year declined by about 38 percent year on year, to reach about 113 billion riyals ($30.1 billion), affected by the decline in crude oil prices and the decline in profit margins for refining and chemicals.
The second-quarter profit was higher than analyst expectations, which averaged about 110 billion riyals, according to Bloomberg.
The Abu Dhabi market index rose 0.4 percent, supported by the rise of the share of Q Holding Company, by a strong rate of 14.6 percent.
The Dubai index fell 0.1 percent, with Emirates Central Cooling Systems Corporation (Empower) falling 2.1 percent.
The Qatar Stock Exchange index fell 0.2 percent, affected by a 1.5 percent drop in Qatar Petrochemical Company.
In Kuwait, the main market index violated the trend of most Gulf indices, rising by 0.6 percent.
Outside the Gulf region, the Egyptian leading stock index EGX30 rose by 0.8 percent, supported by the rise of most stocks, including Beltone Financial Holding, which rose 5.9 percent.
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