Saudi Press

Saudi Arabia and the world
Monday, Oct 02, 2023

Most Gulf markets fall; Saudi index gains

Most Gulf markets fall; Saudi index gains

Most stock markets in the Gulf ended lower on Monday as investors secured gains amid falling oil prices, but the Saudi index bucked the trend to close higher.
Oil prices, a key catalyst for the Gulf's financial markets, fell by more than $4 a barrel on demand fears as disappointing Chinese economic data renewed global recession concerns.

In Abu Dhabi, the index (.FTFADGI) dropped 0.5%, retreating further from the record high reached on Thursday, with conglomerate International Holding Co (IHC.AD) losing 0.6%.

The Qatari benchmark (.QSI) fell 0.7%, ending three sessions of gains, hit by a 2.1% fall in Qatar Islamic Bank (QISB.QA).

Among other losers, Baladna (BLDN.QA) dropped more than 3%, as the dairy firm's first-half profit nearly halved.

Saudi Arabia's benchmark index (.TASI) closed 0.2% higher in volatile trading, lifted by a 2.9% gain in Yanbu Cement Co (3060.SE)

Saudi Arabia's consumer price index rose 2.7% in July from a year earlier, government data showed on Monday, increasing from 2.3% in June.

The food and beverages segment rose 3.9%, mainly due to higher food and meat prices in particular, which rose as much as 5.1%, the General Authority for Statistics said in a statement.

Dubai's main share index (.DFMGI) edged 0.1% higher, helped by a 1.1% rise in blue-chip developer Emaar Properties (EMAR.DU) clawing back some of the previous session's losses.

On Thursday, Emaar said it had reached a deal with Dubai Holding to buy its stake in their Dubai Creek Harbour joint venture for a total consideration of 7.50 billion dirhams ($2.04 billion).

Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 0.7%, weighed down by a 1.3% fall in E-Finance for Digital and Financial Investment (EFIH.CA).

The Egyptian stock market continued to see some price corrections after the large rally at the beginning of the month, said Wael Makarem, senior market strategist at Exness.

"The market could trade sideways until the Egyptian central bank's next meeting this week."

Related Articles

Saudi Press
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Swedish Embassy in Baghdad Engulfed in Flames Amidst a Firestorm of Protests
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Today, we're unveiling the splendor of one of Saudi Arabia's most exclusive and stunning retreats – the Jeddah Yacht Club
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Muslim Tycoon Asif Aziz Receives Approval for the Transformation of the iconic London Trocadero Landmark into Mosque
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
Israeli Prime Minister Netanyahu Hospitalized Due to Dehydration Amidst Summer Heatwave
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Saudi Arabia Joins the Treaty of Amity and Cooperation in Southeast Asia
The Renowned Crown Prince Camel Festival Set to Return to Taif on Aug. 1
Why Do Tech Executives Support Kennedy Jr.?