Saudi index leads mixed markets with 14-year high
- Saudi Arabia's benchmark index finished 0.8% higher, with Al Rajhi Bank rising 2.2%, while oil giant Saudi Aramco gained 1.8%, reaching its highest since Dec. 17, 2019
Stock markets in the Gulf region ended mixed on Tuesday, though the Saudi bourse rose to its highest in nearly 14 years on the back of stronger oil prices.
"The cautious atmosphere among investors has pushed the GCC stock markets in different directions. The economic slowdown and the strong inflation remain the main points of concern," said Wael Makarem, senior market strategist at Exness.
Saudi Arabia's benchmark index finished 0.8% higher, with Al Rajhi Bank rising 2.2%, while oil giant Saudi Aramco gained 1.8%, reaching its highest since Dec. 17, 2019.
Aramco will complete its 1 million barrel per day (bpd) oil output expansion project by 2027 to bring its total production to 13 million bpd, its CEO said on Monday.
Brent crude oil futures hit a fresh three-year high, after the OPEC+ group of producers decided to stick to its planned output rises rather pumping even more.
Major Gulf bourses end mixed as global recovery concerns weigh
Energy index in the kingdom was up 1.6%.
In Abu Dhabi, the index fell 0.1%, hit by a 1.1% fall in the United Arab Emirates' largest lender, First Abu Dhabi Bank.
Elsewhere, ADNOC Drilling slid 4.4%, ending two sessions of gains. It had surged over 28% in its debut on Sunday following a $1.1 billion initial public offering, the largest ever on the Abu Dhabi stock market.
The United Arab Emirates' non-oil private sector continued to expand in September as recovery from the COVID-19 pandemic in the Middle East trade and tourism hub was strong, although job creation slowed, a business survey showed on Tuesday.
Dubai's main share index dropped 1%, weighed down by a 3.9% decline in Emirates NBD Bank and a 1.3% fall in Emirates Integrated Telecommunications.
The market remained weighed down by concerns around the global economic slowdown and its impact on the economic activity in the Emirates. The main index could fall further tracking soft performance globally before finding a floor, added Makarem.
The Qatari benchmark added 0.1%, with Mesaieed Petrochemical advancing 1.6%.
Outside the Gulf, Egypt's blue-chip index edged up 0.1%, helped by a 3.9% rise in Fawry for Banking Technology and Electronic.
SAUDI ARABIA rose 0.8% to 11,556
ABU DHABI eased 0.1% to 7,689
DUBAI dropped 1% to 2,783
QATAR added 0.1% to 11,521
EGYPT up 0.1% to 10,432
BAHRAIN down 0.3% to 1,704
OMAN gained 0.1% to 3,948
KUWAIT lost 0.1% to 7,488
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