The performance of the main stock markets in the Gulf varied without a clear direction, on Wednesday, after the results of the companies’ business varied, and the Egyptian index of blue-chip stocks topped the gains, rising by 1 percent.
US consumer price data, which showed prices rising at a slightly slower pace than expected last month, was released after markets in the Gulf closed.
Oil prices fell, a major catalyst for financial markets in the Gulf, ending a three-day winning streak, as an unexpected increase in US oil inventories raised concerns about demand.
stock movements
The Saudi index declined by 0.1 percent, affected by the losses of the Saudi Electricity Company, which plunged 6.1 percent, recording the largest daily loss in nearly a year, after the company announced a significant decline in quarterly profits.
Daniel Taqi El-Din, CEO of the Middle East and North Africa region at BD Suisse, said that the Saudi stock market is witnessing some fluctuations amid the divergence of company results and the decline in oil prices.
“However, the main index remains near its highest levels this year and could consolidate its gains after some price corrections,” he noted.
The index rose in the Dubai Financial Market by 0.1 percent, supported by the rise of the Dubai Electricity and Water Authority 1.2 percent.
And the public utility company announced, on Monday, that net profits for the first quarter increased to 743.8 million dirhams ($ 202.58 million), from 734.8 million dirhams a year ago.
In the Abu Dhabi Financial Market, the index rose 0.4 percent.
Outside the Gulf region, the Egyptian index of leading stocks rose 1 percent, supported by a 4.2 percent rise in Abu Qir Fertilizers and Chemical Industries.
Data from Egypt’s Central Agency for Public Mobilization and Statistics, on Wednesday, showed that annual consumer price inflation in Egyptian cities slowed in April to 30.6 percent, compared to 32.7 percent in March, a decline greater than analysts’ expectations.
Inflation has increased steadily over the past year after a series of currency devaluations that began in March 2022, as well as a long-running scarcity in foreign currency and a delayed release of imported goods.
2023-05-10 15:44:10
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