“Saudi Telecom” share flies while solutions are proposed .. in in the midst of the decline of the Gulf

There performance of the major equity markets in the Gulf changed today, Sunday, as the Saudi index continued its gains from the previous session, while Egyptian equities fell due to a large sell-off of the major stocks.

The Saudi index rose 0.1%, supported by a 1.7% rise in shares of the Saudi Telecom Company, after its Internet and Communications Services Unit (STC Solutions) set the initial target price for the its initial public offering, with the aim of increasing it to 3.6 billion riyals ($ 959.9 million).

This initial public offering is part of a group of initial offerings on the Saudi stock exchange questyear, including the ACWA Power deal worth over $ 1 billion and the Saudi Tadawul group.

Meanwhile, a military spokesman for the Iranian-aligned Yemeni Houthi movement said on Sunday that the group attacked Saudi Aramco oil plants in Ras Tanura in the kingdom’s east and other sites, including Jeddah on the Red Sea coast. .

However, shares in oil giant Aramco remained unchanged at the close.

The Abu Dhabi index fell 0.2%, impacted by a 1.9% decline in Emirates Telecom Group shares.

Abu Dhabi, the capital of the United Arab Emirates, has cleared the quarantine of all travelers who have received the Corona virus vaccine and those from abroad to date, but the Dubai index has stabilized at closure.

The vector low cost, Air Arabia, was up 0.7% after announcing Friday that it will launch a low-cost airline cost with the Pakistani group Laxon, which will serve national and international routes from Pakistan.

The two companies said in a note that the new airline, Fly Jinnah, would be a joint venture venture between the two airlines, adopting the low-cost model on which Air Arabia operates.

The Qatar index fell 0.1%, with the share of the petrochemical company Industries Qatar losing 0.5%.

Outside the Gulf region, Egypt’s blue chip index fell 1.8% after 28 of 30 stocks fell on the index, including Commercial International Bank, which fell 1.5. %.

The results of today’s survey showed that the non-oil private sector activities in Egypt contracted for the ninth straight month in August, but got close to the level of growth as local businesses expanded their purchases to meet increased demand.

Below is the trend of the stock exchanges in the Gulf and Egypt:

Saudi Arabia The index rose by 0.1% to 11,336 points.

Abu Dhabi The index fell 0.2% to 7,637 points.

Dubai .. It stabilized at 2913 points.

Qatar: the index fell 0.1% to 11,062 points.

Egypt: the index fell by 1.8% to 11,096 points.

Bahrain The index fell 0.2% to 1661 points.

Oman: the index fell 0.1% to 3,972 points.

Kuwait The index fell 0.3% to 7,438 points.

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