DUBAI: Saudi Arabia’s stock market ended lower on Tuesday as the bourse saw further price correction after hitting a record peak last week, while the Dubai index finished higher.
The Saudi benchmark index lost 0.3%, hit by a 1.4% fall in Islamic lender Al Rajhi Bank and a 1.8% decline in the country’s largest lender Saudi National Bank.
On the other hand, oil behemoth Saudi Aramco climbed 1.1%.
Ratings agency Fitch on Monday revised its outlook for Aramco to “positive” from “stable”, citing a similar action on the country.
The Qatari index and Abu Dhabi index gave up early gains to close flat.
Uncertainties continue to impact confidence as tensions in Ukraine were exacerbated with Russia invoking the nuclear threat again, while China has pledged to support its economy after sanitary lockdowns hit it hard, according to Farah Mourad, senior market analyst of XTB MENA.
Dubai’s main share index gained 0.3%, helped by a 1.1% rise in Emirates Integrated Telecommunications.
Egypt’s blue-chip index, which traded after a two-session break, finished 1.3% higher, buoyed by a 2.4% rise in top lender Commercial International Bank Egypt.
“The Egyptian stock market was volatile as investors tried to buy the dip while it continued to be exposed to the tensions in Eastern Europe and the uncertain sentiment among investors,” said Mourad.
SAUDI ARABIA fell 0.3% to 13,503
ABU DHABI flat at 10,041
DUBAI rose 0.3% to 3,666
QATAR was flat at 13,770
EGYPT up 1.3% to 10,682
BAHRAIN eased 0.4% to 2,059
OMAN down 0.3% to 4,183
KUWAIT added 0.4% to 9,280.
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