Saudi Arabia shares weakened, yet Qatar and Dubai grow 7th day in a row

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.


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