The Saudi market closes the week in decline … and “Abu Dhabi” approaches a historical level

The Abu Dhabi market index has approached a level record in the trading today, as the index jumped 2.1% to 10,296 points, close to the highest level recorded on August 12 of quest’year.

Shares of Multiplay, a unit of the global holding, were up 8.2%, to their highest level ever, before announcing its earnings. Shares of the International City for Humanitarian Services increased by 4.1%.

The main index in Saudi Arabia has closed in drop of 0.8%, with the share of Retal Real Estate Development in decline of 4.3% and the National Bank of Saudi Arabia of 6.3%.

Today, Thursday, the National Bank of Saudi Arabia, the largest bank in the Kingdom, announced its participation in the Credit Suisse Group capital increase process and its commitment to invest up to 1.5 billion Swiss francs ( 1.52 billion dollars) for the purchase of a 9.9% stake in the group.

The Dubai index rose 0.6%, with Emaar Properties in increase by 1.6% and Emirates NBD Bank, the largest bank in the emirate, by 1.1%, after its net profit increased by 51%.

Qatar’s index was up 0.5%, ending a streak of four-session losses, while Qatar Navigation’s stock was up 5.4%. However, the index posted a weekly loss of 3.1%, which is its third weekly decline.

On the other hand, Qatar Insurance Company fell 6.3% after the company posted a loss in the first nine months of the year, amounting to 130.7 million riyals ($ 35.91 million), from profits. of 498.2 million riyals a year ago.

Outside the Gulf region, Egypt’s blue-chip index jumped 4.9%, posting its largest intraday gain since the beginning of August, supported by a 9.2% rise from Commercial International Bank.

The International Monetary Fund said it reached a $ 3 billion loan agreement with Egypt in 46 months. The Central Bank of Egypt said it will introduce a number of new instruments, including currency swaps and futures contracts, to allow banks greater flexibility in currency trading.

The central bank also raised interest rates by 200 basis points in an extraordinary meeting, stating that it aims to stabilize inflation expectations and contain demand pressures.

Earlier this week, the Egyptian prime minister said his country intends to grant corporate income tax exemptions, up to 55% for some of them.

Fadi Riad, market analyst senior for the Middle East and North Africa region at Capex.com, he said the Egyptian market has grown in significantly with the return of international investors in to some extent.

He added, as reported by “Reuters”: “The market may find more support from the strong performance of the banking sector “.

Earnings today helped contain the index’s losses since the beginning of the year to 7.3%.

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