Saudi Arabia outperforms Gulf peers but posts monthly loss

Sept 29 (Reuters) – The Saudi stock market outperformed its Gulf peers on Thursday, extending the rebound for a second session, but posted a monthly loss after a recent plunge.

The Saudi stock market hit its lowest level in more than 9 months on Monday as fears grew that central banks will rush to raise interest rates to tame inflation and drag the global economy into recession. .

Saudi Arabia’s benchmark index (<.tasi>) ended up 2.1%, buoyed by a 2.7% rise in oil giant Saudi Aramco () and a 1.8% rise in Al Rajhi Bank ().

Join now for FREE unlimited access to

But the rise could be temporary if oil prices register more losses, according to Daniel Takieddine, CEO MENA BDSwiss.

Crude prices firmed, erasing earlier losses, on indications that OPEC+ could cut output, although a stronger dollar and weak economic outlook limited gains.

However, the index posted a monthly loss of more than 7%, its biggest monthly drop since June.

In Abu Dhabi, the index (<.ftfadgi>) gained 0.4%, buoyed by a 1.8% rise in the UAE’s largest lender, First Abu Dhabi Bank ().

The Qatari index (<.qsi>) closed down 1.2%, Qatar National Bank (), the largest lender in the Gulf, jumping 1.2%.

The Qatari stock market continued to rebound, with natural gas prices stabilizing to some extent, Takieddine said.

“The market could also find support in positive local fundamentals.”

The main Dubai stock market index (<.dfmgi>) gave up early gains to close down 0.8%, hit by a 3.4% drop in blue-chip developer Emaar Properties ().

On the other hand, the toll road operator of the emirate Salik () settled 11% higher, after rising 20% ​​above its listing price of 2 dirhams per share when it debuted in the market.

Outside the Gulf, the first-order Egyptian index (<.egx30>) climbed 1.3%, reversing six losing sessions.

Join now for FREE unlimited access to

Reporting by Ateeq Shariff in Bengaluru Editing by Nick Zieminski

Our standards: The Thomson Reuters Trust Principles.

About Leni Loberns

Check Also

Biden ‘has no intention of meeting Saudi crown prince at G20’

With US-Saudi relations strained again over Riyadh’s recent support for oil production cuts, US President …