The Saudi index rose, on Sunday, in response to the rise in crude oil prices late last week, while the scale of the Qatari index’s losses widened due to profit-taking operations.
The Saudi index rose 0.5% (to 13,682 points) for the ninth session out of ten sessions, led by a 3.6% jump in Al-Rajhi Bank.
And Fitch Ratings revised its outlook for Saudi Arabia to “positive” from “stable,” citing improvements in the kingdom’s budget following rising oil revenues.
Saudi Finance Minister Mohammed al-Jadaan said in December that the kingdom was expected to post its first budget surplus in nearly a decade this year if it tightened spending while revenue continued to flow, buoyed by higher crude oil prices.
In Qatar, the index fell 0.9 percent to 13,995 points, extending losses recorded in the previous session, following reaching a record high last week, under pressure from profit-taking.
Qatar Islamic Bank fell 2.5 percent and Qatar National Bank 2.1 percent.
In Bahrain, the index settled at 2,102 points, and in Oman, the index rose 0.5% to 4258 points, while in Kuwait, the index fell 0.1% to 9168 points.
Egyptian market
Outside the Gulf region, the main index of the Egyptian Stock Exchange rose slightly by 0.3 percent to 10,708 points, led by a 1.9 percent increase in Commercial International Bank shares following an increase in first-quarter profits. EFG Hermes recovered, climbing 1.6 percent.
Shares of Hermes plunged regarding a fifth in the previous session, its biggest percentage loss in nearly 16 years, following First Abu Dhabi Bank withdrew an offer to buy a controlling stake in the Egyptian investment group.
First Abu Dhabi attributed the withdrawal to uncertainty in global markets and turmoil in macroeconomic conditions.
Abu Qir Fertilizers and Chemical Industries’ shares fell more than 2% following the company revised its annual dividend distribution to one Egyptian pound from two pounds earlier.
(Archyde.com)
