Stock exchange in Riyadh was pulled down by banking and energy titles
On the other hand, Qatar and Dubai strengthened due to banks.
Sunday stock exchange events in Riyadh showed a bloody bath mainly for UAE banks. 9 out of 11 banks suffered from decline between 1-2%, which happened in only one business day. Saudi British Bank owned by British holding HSBC recorded the biggest loss of 2%.
The decline of UAE exchange stock was supported by Saudi Aramco mining company. Its shares were weakening third day in a row, while loss of 0,3% was recorded on Sunday. Furthermore, Al Rajhi Capital Research re-evaluated capital appreciation for Saudi Aramco stocks to ‘neutral’ and as such joined most of rating agencies.
Qatar stock exchange grew in 0,1%, which was also strongly affected by banking sector – its titles grew between 0,3-0,8%. Banks pulled up shares in Dubai, too, when they grew in 1,2%. And investors in Egypt experienced some good mood, when share index strengthened in 0,7%. The rise was also caused by banking sector.
