Most stock markets in the Gulf region closed lower on Sunday, with profit-taking continuing, but the Egyptian index bucked the trend to trade at a record level.
Stock movements
The main index of the Saudi market fell by 0.5 percent, affected by a decline in Al Rajhi Bank shares by 1.1 percent and Alinma Bank shares by 1.7 percent.
Separately, oil and gas exploration company Addis Holdings is expected to price its initial public offering at the high end of the announced range this week, one of the banks involved in the deal said on Thursday.
Addis is expected to raise up to 4.57 billion riyals ($1.22 billion) from the sale of a 30 percent stake in the company through an IPO.
In Qatar, the main index continued its losses for the third session.
Outside the Gulf region, the main Egyptian index rose 0.6 percent, recording a record high level, led by a 5.5 percent rise in Beltone Financial Holding shares.
The Egyptian government announced this month that the Emirati company Global Investment Holding had reached an agreement to buy a 30 percent stake in the Eastern Company, the main company that manufactures tobacco products in Egypt, for $625 million, a measure that would expand the private sector’s participation in the economy. .
2023-09-17 15:43:12
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