Financial sector weighs down Saudi index, Qatar hits 3-month high
(MENAFN) On Sunday, Saudi Arabia's stock index closed lower, primarily influenced by losses in the financial sector, despite Saudi Aramco's positive performance following significant contract signings. The index declined by 0.4 percent, marking its first monthly increase after three consecutive months of losses. Notably, Al Rajhi Investment banking Company and Saudi National bank experienced declines of 1.8 percent and 1.2 percent, respectively. However, Saudi Aramco's shares saw a 0.7 percent increase following its announcements regarding expansions in the Jafoura field and the main gas network projects.
New entrants to the Saudi Stock Exchange, such as Al-Tayseer Talco Industrial Group and Modern Flour Mills Company, posted notable gains of 9.9 percent each, contributing positively to the index's performance. Despite a 1.8 percent rise in June, the index recorded a 5.6 percent decline in the second quarter, according to data from the London Stock Exchange Group.
In contrast, Qatar's stock index reached a three-month high, advancing by 0.1 percent despite mixed performances among its listed stocks. The industrial and financial sectors supported the index, with Qatar National Bank, the Gulf's largest bank, and Industries Qatar seeing gains of 0.3 percent and 0.6 percent, respectively. Qatar's index posted gains in all 18 sessions this month, surging by 6.9 percent in June alone, marking its highest monthly increase of the year, as reported by the London Stock Exchange Group.
The contrasting performances of the Saudi and Qatari markets reflect varying sectoral influences and investor sentiments, highlighting the resilience and dynamics of the Gulf region's financial markets amidst global economic fluctuations.
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