Friday , March 31 2023

Saudi Scholarship is the lowest in a month, amid a negative sentiment, and fuel economy in Qatar returns


Saudi Arabia's stock market declined on a month-on-month decline, as banking stocks led the downward trend to drive up with negative investor sentiment, while the Qatar stock market rose as a result of Qatar Petroleum's return.

A trader watches stock prices through an electronic panel on the Saudi scholarship in Riyadh

The two United Arab Emirates were closed during a legal holiday, while the stock markets in the region were mixed in silent trading.

The Saudi Scholarship fell 2.2 percent and 165 of the 180 shares traded on the stock exchange fell by only 11 percent.

Al Rajhi Bank lost 2.9%, and the National Bank of the Bank (NCB), the country's largest creditor, lost 3.5%.

National education company shares closed 5.3 percent against the initial public offering price on its first day of trading and rose 10 percent previously, the maximum allowed.

The company sold 13 million shares, equivalent to 30.23% of the capital after growth, in an initial public offering last month. Subscription to the institutional sector, accounting for 90% of the offer, was 155%.

A Gulf analyst said the decline in the Sunday market was due to the negative sentiment of the latest news about the killing of Saudi journalist Jamal Khashoggi at Istanbul's consulate in Istanbul in October.

Market data showed that qualified foreign investors sold more than they bought in the week ending November 15 to continue selling due to concerns about deteriorating relations between Saudi Arabia and foreign governments after Khashoggi's death.

US President Donald Trump on Saturday described a CIA assessment that blamed Croatian Crown Prince Mohammed bin Salman for killing the journalist "too early" and said he would receive a full report Tuesday on the case.

The State Department said Washington could take measures other than financial sanctions against 17 Saudi officials announced late last week.

In Qatar, the index rose by 0.8% on Qatar growth of 7.6%. The stock lost 5.6% Thursday and 10% on Wednesday in response to MSCI's decision not to list stock on global indices, contrary to market expectations.

The Qatar and Al Rayan Bank industries increased by 0.8%.

In Egypt, the index increased by 2.1%, most stocks increased. The International Commercial Bank (CIB) increased by 2% and Eastern Tobacco by 5.1%.

The indices of Kuwait, Bahrain and Oman have stabilized.

The following are the closing levels of Arab stock market indices:

Prepared by the Kandil Hall for the Arabic publication – edited by Ahmed Elhamy

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