Saudi bourse extends losses; Egypt gains.
Saudi bourse extends losses; Egypt gains.
Saudi Arabia’s Stock Market Extends Losses, while Egypt Ends Losing Streak
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July 30, 2023 (ANBLE) – The Saudi Arabian stock market experienced a decline on Sunday, extending losses from the previous session due to profit-taking. However, there was a positive turn of events as the Egyptian index managed to end five sessions of losses. Let’s dive into the details of what occurred in both markets.
Saudi Arabia’s Stock Market
The benchmark index in Saudi Arabia, known as TASI, saw a 0.5% drop contributed by Riyad Bank, which fell by 2.5%. Another bank, Saudi Awwal Bank, also faced a decline of 3.8%. Riyad Bank, despite reporting a quarterly net profit increase from the previous year, experienced a slight downturn from the previous quarter.
Amidst the market’s decline, the National Shipping Company of Saudi Arabia provided a glimmer of hope as its shares advanced more than 4% following a significant rise in second-quarter net profit. This positive performance indicates that certain sectors within the Saudi Arabian market may continue to thrive despite overall market conditions.
Qatar’s Market Gains
In Qatar, the stock market index saw a 0.5% gain, with Industries Qatar, a leading petrochemical maker, leading the charge with a 2.7% rise. This increase can be attributed to rising oil prices, which have had a positive impact on the Gulf’s financial markets in recent times.
Investors are optimistic about the future of oil prices, anticipating healthy demand and supply cuts to keep prices buoyant. This positive sentiment has contributed to the overall positive performance of the Qatari market.
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Egypt Ends Losing Streak
On a different note, Egypt’s blue-chip index, EGX30, experienced a 1.2% positive gain, breaking a pattern of five consecutive sessions of losses. Most of the stocks in the Egyptian market ended in positive territory, including Eastern Company, the tobacco monopoly, which saw a significant increase of more than 8%.
This development indicates a potential shift in market sentiment, with investors regaining confidence in the Egyptian market after a period of uncertainty.
Final thoughts
Despite the Saudi Arabian market extending its losses, there are still sectors showing signs of growth, such as the National Shipping Company of Saudi Arabia. Similarly, the Qatari market remains optimistic due to rising oil prices. Meanwhile, Egypt’s market has begun to rebound after a series of setbacks.
It is vital to note that markets are subject to fluctuation. The performance of these markets can be influenced by various factors, including geopolitical events, economic indicators, and investor sentiment. Investors should carefully analyze these factors before making any investment decisions.
As always, it’s crucial to consult experts and conduct thorough research to make informed investment choices in the ever-changing landscape of the stock market.
($1 = 3.7505 riyals)
