- The Saudi market is rising for the second month in a row
- Qatar Stock Exchange index achieves the highest monthly gain in a year
- Kuwait First Index rises for the second month in a row
- The Dubai Market Index achieves the highest monthly gain since November 2021
Saudi Market:
The main market index declined by 0.8% in Monday’s session, down for the third consecutive session, amid liquidity amounting to about 5.9 billion riyals.
The pressure mainly came from stc’s share falling by more than 4% to its lowest level in two months, despite the group’s announcement of a 6% increase in profits in the second quarter and its recommendation to distribute a dividend of 0.4 riyals per share for this period.
The National Bank’s share also decreased by 2.9%, recording the largest daily loss in more than 4 months, despite its announcement last week of positive results for the second quarter of 2023.
On the other hand, Aramco’s share rose by 0.3%, supported by the gains in oil prices and the rise in Brent crude prices to levels of $85 per barrel.
The Statistics Authority announced today, Monday, that the growth of the Saudi economy has slowed down to 1.1%, due to pressure from the decline in oil activities during the second quarter of this year.
Over the course of the month, the Saudi index rose by about 2% in July, recording its second consecutive monthly gain.
Egypt Stock Exchange:
Egyptian indices closed with slight gains in Monday’s session, amid liquidity amounting to about 2.1 billion pounds.
The 30-year-old index rose by 0.2%, up for the second consecutive session, supported by the rise in i-Finance share by 1.6%, recording its highest closing in 6 weeks, in addition to the rise in Abu Qir Fertilizers share by 0.4%.
The seventieth index rose by 0.4%, recording its highest closing in 3 weeks, to close at 3530 points.
The data showed that Egyptians and Arabs recorded a net sale of 81 and 40 million pounds, respectively, compared to a net purchase of 121 million pounds for foreigners.
Throughout the month, the 30-year-old index declined by 0.4% in July after rising by 1% in June, and the 70-year-old index declined by 0.1% in July after 3 consecutive months of gains.
Other Gulf markets:
The Qatar Stock Exchange index continued its upward trend in the Monday session, rising by 0.1%, recording gains for the 14th session in a row, to achieve its highest close in 6 months, supported by the rise in Qatar National Bank by 0.5%, to its highest level in more than two months.
Over the course of the month, the Qatari index rose by 8.8% in July, achieving the highest monthly gain in a year.
Whereas, the Kuwait First Index declined by 0.4% in Monday’s session, pressured by the decline in the shares of Al-Watani and Arzan by 0.6% and 2%, respectively.
Over the course of the month, the first index rose by about 3.2% in July, achieving gains for the second month in a row.
In the UAE markets, the FTSE Abu Dhabi index rose by 0.3% in the Monday session, achieving its highest close in 3 months, supported by the rise in the First Abu Dhabi share by more than 1%.
Over the course of the month, the index rose by around 2.5% in July, marking gains for the second month in a row.
The Dubai market index rose by 0.55% in Monday’s session, recording its highest closing since August 2015, supported by the rise in the shares of Emaar Properties and Emirates NBD by 0.6% and 2.4%, respectively.
Over the course of the month, the index rose by more than 7% in July, marking the highest monthly gain in 20 months.
