The performance of stock exchanges in the Gulf region varied at closing, Thursday, due to fears that the continued rise in US inflation may push to keep interest rates high for a longer period.
The main Saudi index fell 0.7 percent, affected by a 1.5 percent fall in Al Rajhi Bank, and Dr. Sulaiman Al Habib Medical Group, which fell 1 percent.
The Saudi Telecom Company (STC) closed up 1 percent, a day after its 2.2 percent decline. Spain is studying the Saudi company’s purchase of 9.9 percent in Telefonica to ensure its strategic interests are preserved.
The Saudi index recorded a weekly loss of 2.4 percent, its largest weekly loss since early August.
The main index of the Dubai Stock Exchange rose 0.5 percent, ending a series of losses that lasted for three sessions, led by the share of the Emirates Central Cooling Systems Corporation, which jumped by 5 percent.
In Abu Dhabi, the main market index rose by 0.47 percent to the level of 9,659.77 points.
In Qatar, the index rose 1 percent, as most stocks gained on the index, including the share of the petrochemical industry company, Industries Qatar, which rose 3 percent, bringing the market index up during the week by 0.42 percent.
Khaldoun Helal, CEO of Kama Capital, said that the Qatari stock market has stabilized to some extent after recording losses over the past few weeks, to return to the minimum range of its movements in the current year.
“But it may remain vulnerable to fluctuations in natural gas prices,” he added.
Outside the Gulf region, the main index of the Egyptian Stock Exchange, EGX30, closed up 0.8 percent, so that the index jumped over the course of the week by 2.65 percent.
An opinion poll conducted by Reuters showed that expectations indicate that the inflation rate in Egypt will rise to a new unprecedented level in August, after breaking records in June and July, with the increase in tobacco prices and cultural and entertainment services.
2023-09-07 14:55:53
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