Most of the Gulf stock exchanges are declining amid the gloomy scene in China
Most stock markets in the Gulf closed lower today, Sunday, affected by the contraction of the manufacturing sector in China, whose economy showed signs of stalling, which negatively affected investor sentiment.
Thursday’s data showed manufacturing activity in China, the world’s second-largest economy, contracted for the fifth consecutive month in August, while the momentum for growth in the services sector eased slightly.
In Qatar, the main index fell for the third consecutive session and closed down 0.1 percent, with most sectors declining.
Qatar National Bank, the largest bank in the region, fell 0.6 percent and Commercial Bank fell 1 percent.
The Saudi index fell 0.3 percent, affected by a 1.3 percent decline in the giant oil company, Saudi Aramco.
The Wall Street Journal reported on Friday that Aramco, the world’s largest oil company, was considering selling up to $50 billion of its shares.
However, Saudi Basic Industries Corporation (SABIC) rose 1.8 percent after it said on Sunday that it had agreed to sell its unit, the Saudi Iron and Steel Company, Hadeed, to the Saudi Public Investment Fund for 12.5 billion riyals ($3.33 billion).
Outside the Gulf region, the leading stock index in Egypt fell 0.8 percent, ending a series of gains that lasted for six sessions, with most sectors declining.
The index was affected by the decline in the share of the Commercial International Bank by 1.3 percent and the share of El Sewedy Electric by 3.7 percent.
(Reuters)
2023-09-03 14:17:36
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