The Saudi stock market outperformed other exchanges in the region on Tuesday, while most other Gulf markets remained under pressure due to concerns over slowing economic growth. in China.
GCC stock exchanges are affected by international economic concerns.
Wael Makarem, chief market analyst at Exness, said China’s manufacturing index was weaker than expected, indicating a slowdown in the economy and that US consumer confidence in the economy has declined slightly.
The leading Saudi index rose 0.6%, extending its earnings for the second consecutive session, with the Saudi Telecom Company gaining 2.9% and the Saudi National Bank by 1.3%.
The Saudi market has received support from strong internal economic fundamentals and the positive situation related to the Corona virus.
In Abu Dhabi, the index closed unchanged, with the share of Abu Dhabi National Hotels in drop of about 10%.
Abu Dhabi National Hotels stated in a notice to the stock exchange that the Abu Dhabi government-owned holding company has withdrawn an offer to merge the Abu Dhabi National Hotels with the Abu Dhabi National Exhibitions Company.
The holding said in June that it had made an offer to the Abu Dhabi National Hotels Company to merge it with the Exhibition Company in order to establish one of the largest hotel, event and restaurant services centers in the region, with assets of approximately 20 billion. dirham ($ 5.45 billion).
But the index’s losses were held back by Agthia Group’s gains, which jumped 8.9%.
The board had called a meeting on Tuesday to discuss a potential acquisition deal.
Dubai’s leading equity index rose 0.1%, supported by a 0.7% rise from Emaar Properties.
The Qatar index fell 0.1%, impacted by a 1.8% drop in petrochemical producer Industries Qatar.
Outside the Gulf region, the blue chip index in Egypt fell 0.2%, with the largest listed bank, Commercial International Bank, in decrease of 2.1%.
Below is the trend of the stock exchanges in the Gulf and Egypt:
Saudi Arabia: The index rose 0.6% to 11,319 points.
Abu Dhabi: The index stabilized at 7,685 points.
Dubai: the index rose 0.1% to 2,903 points.
Qatar: the index fell 0.1% to 11,093 points.
Egypt: the index fell 0.2% to 11,143 points.
Bahrain The index fell 0.7% to 1645 points.
Oman: the index fell 0.1% to 3,967 points.
Kuwait The index fell 0.7% to 7,432 points.
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