Exness: Reaping profits in the Saudi market after the index passed its 2008 peak

Most of the equity markets in the Gulf region have closed in rally on Monday, reflecting the strength of oil prices, but The Saudi index rebounded from 7 consecutive sessions of gains due to profit-taking sales.

Oil prices have been at their highest for several years, supported by the recovery in demand and high prices for natural gas and coal, which encourage users to switch to fuel oil and diesel to generate electricity, according to “Reuters”.

The Saudi stock index closed in decline of 0.1%, influenced by the 1.5% decline in SABIC Petrochemicals shares and 4.8% decline in Yanbu National Petrochemicals (Yansab) shares.

Investors are looking to lock in their gains after the leading index briefly passed its 2008 peak on Sunday, said Wael Makarem, chief market analyst at Exness.

He added: “The Saudi market may see some price corrections between investor sales to take profits before returning to the uptrend.”

On the Abu Dhabi Stock Exchange the index grew by 0.7%, supported by a 1.9% increase in the first Abu Dhabi Bank, the largest bank in the UAE, and by a 0.5% increase. of the Emirates Telecom Group stake.

As for the Dubai market, the main equity index rose 0.5%, with Emaar Properties’ share closing in increase of 1%, while the Dubai Investment Group’s share increased by 2.4%.

On the other hand, the benchmark Qatari equity index lost its gains in the prime trading and closed in decline of 0.1%, influenced by the 0.9% decline of the Qatar National Bank.

However, the index’s losses were held back by the gains of Masraf Al Rayan, who jumped 1.7% before announcing his results.

Outside the Gulf region, the main equity index on the Egyptian stock market closed in up 1.1%, extending earnings for the ninth session, supported by a 1.9% jump for Commercial International Bank.

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