GCC stock markets close higher amid profit-taking season, low oil prices weigh on sentiment
Date
7/22/2024 5:05:56 AM
(MENAFN) On Sunday, major Gulf stock markets ended on a positive note, driven by improved investor sentiment as the profit-taking season began in the region. The Saudi Stock market index saw a modest increase of 0.1 percent. Notable gains included a 0.3 percent rise in Al-Taiseer Group shares and a 0.7 percent uptick in Al-Rajhi bank stocks. Saudi Amiantit’s shares surged 5.2 percent following a report of a quarterly profit of 5.1 million riyals (USD1.36 million), reversing a loss of 10.1 million riyals from the previous year. The Saudi Tadawul Group, which operates the kingdom’s stock exchange, also saw its shares climb 1.8 percent due to a significant rise in quarterly profits. However, Sahara International Petrochemical Company experienced a 0.7 percent decline in its shares after reporting a drop in quarterly net profits.
In Qatar, the stock index rose 0.3 percent, buoyed by a 1.1 percent increase in Industries Qatar shares. Conversely, shares of Qatar International Islamic Bank fell 1.3 percent ahead of its upcoming earnings announcement.
Elsewhere, Egypt's blue-chip index climbed 0.5 percent, supported by a 1 percent increase in shares of Commercial International Bank, the country’s largest private bank.
Despite these gains, lower oil prices exerted downward pressure on market sentiment. Oil prices dropped more than USD2 a barrel on Friday to their lowest levels since mid-June, influenced by ongoing geopolitical tensions in Gaza and a stronger dollar, which further depressed crude prices.
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