{"id":4728,"date":"2023-04-09T13:51:10","date_gmt":"2023-04-09T13:51:10","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=4728"},"modified":"2023-04-09T13:51:11","modified_gmt":"2023-04-09T13:51:11","slug":"saudi-bourse-gains-amid-strong-oil-prices-egypt-falls","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/4728\/","title":{"rendered":"Saudi bourse gains amid strong oil prices; Egypt falls"},"content":{"rendered":"
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Saudi Arabia’s stock market finished higher on Sunday, ending two sessions of losses, while the Egyptian bourse extended losses on rising inflation.<\/p>\n\n\n\n

Saudi Arabia’s benchmark index\u00a0(.TASI)\u00a0gained 0.6%, helped by a 1.7% rise in Retal Urban Development Co\u00a0(4322.SE).<\/p>\n\n\n\n

The Saudi stock market could extend its gains this week with sentiment among local investors improving. The main index has been able to climb above this year’s peak, providing a strong impetus for investors to buy, said Ahmed Negm, Head of Market Research MENA at XS.com.<\/p>\n\n\n\n

“At the same time, the local economy could find support in the potential for higher oil prices in the near to medium term.”<\/p>\n\n\n\n

Oil prices – a key catalyst for the Gulf’s financial markets – were little changed on Thursday but posted a\u00a0third weekly gain\u00a0as markets weighed further production cuts targeted by OPEC+ and falling U.S. oil inventories against fears about the global economic outlook.<\/p>\n\n\n\n

In Qatar, the index\u00a0(.QSI)\u00a0dropped 0.9%, with most of the stocks on the index falling into negative territory including petrochemical maker Industries Qatar\u00a0(IQCD.QA), which was down 1%.<\/p>\n\n\n\n

The World Bank has\u00a0revised\u00a0its 2023 economic growth projection for the oil exporters of the six-member Gulf Cooperation Council (GCC) downwards to 3.2% in its latest update released on Thursday, from 3.7% forecast in October.<\/p>\n\n\n\n

The GCC is expected to post a fiscal surplus of 3.2% of GDP in 2023, down from 4.3% in 2022.<\/p>\n\n\n\n

Outside the Gulf, Egypt’s blue-chip index\u00a0(.EGX30)\u00a0was down 0.2%.<\/p>\n\n\n\n

According to Negm, the Egyptian bourse could record more losses as the country continues to see financial and inflationary pressures.<\/p>\n\n\n\n

“At the same time, international investors could maintain their selling trend as the appetite for risk decreases.”<\/p>\n\n\n\n

Egypt’s headline inflation rate\u00a0is set to hit an all-time high in March, a Reuters poll showed on Thursday, following a continued shortage of foreign currency after more than a year of devaluations of the Egyptian pound.<\/p>\n\n\n\n

SAUDI ARABIA<\/td>(.TASI)<\/a> rose 0.6% to 10,966<\/td><\/tr>
QATAR<\/td>(.QSI)<\/a> dropped 0.9% to 10,251<\/td><\/tr>
EGYPT<\/td>(.EGX30)<\/a> lost 0.2% to 16,675<\/td><\/tr>
BAHRAIN<\/td>(.BAX)<\/a> closed flat at 1,886<\/td><\/tr>
OMAN<\/td>(.MSX30)<\/a> up 0.2% to 4,765<\/td><\/tr>
KUWAIT<\/td>(.BKP)<\/a> declined 1.1% to 7,642<\/td><\/tr><\/tbody><\/table><\/figure>\n
Updated on