The Saudi market records a weekly loss as oil falls

The Saudi stock market fell as it closed today, Thursday, and posted its third weekly loss in four weeks, following the drop in oil prices, while the performance of the other stock exchanges in the Gulf has changed.

Oil prices have fallen to the lowest level in six weeks, before recovering some losses, after China said it would move to withdraw from reserves, after “Reuters” released a report that the United States asked major consumers to take in consider coordinated stock withdrawal to reduce prices.

The U.S. attempt to calm the markets, the first time the U.S. has asked China to join coordinated action, comes as a violent political backlash begins to emerge due to inflation-driven pressures. in starts from the increase in energy prices.

The main Saudi index fell 1%, influenced by a drop of 1.8% in Al-Rajhi Bank and a 1.7% decline in Saudi Basic Industries Corporation (SABIC).

In Abu Dhabi, the leading index grew 0.1%, supported by a 2.4% rise in Alpha Abu Dhabi Holding, after its subsidiary Trojan General Contracting formed a joint venture venture to build the Guggenheim Abu Dhabi Museum.

Dubai’s leading index was up 0.1%, with Emaar Properties adding 0.8% and Deyaar Developments adding 4.4%, after announcing a quarterly net profit of AED 8.2 million on Sunday ( 2.23 million dollars), compared to 4.5 million dirhams a year ago.

The Dubai index recorded its sixth consecutive weekly increase.

In Qatar, the leading index lost gains in prime trading, closing in fall of 0.1%, penalized by the fall of the Qatar Islamic Bank of 0.8%.

Outside the Gulf region, Egypt’s leading index fell 1% at close, with Commercial International Bank (CIB) in drop of 1.9%.

Read More About: Business News

Follow AsumeTech on

More From Category

More Stories Today

Leave a Reply