Saturday , June 12 2021

The Arabian stock market is based on the oil plan and ADIB jumps



From Chachawata Awasthi and Mwigi

November 12 (Reuters) – Saudi Arabia rose on Monday after losses from three sessions, as investors welcomed Riyad's plan to reduce oil supplies to raise oil prices, while Abu Dhabi Islamic Bank benefited from the support that foreigners they will be able to buy their shares.

The main index of Saudi Arabia increased by 0.8 percent after energy minister Saudi Arabia said on Sunday that the kingdom would reduce oil supplies to world markets by around 0.5 million barrels per day in December, shifting the Brent crude oil benchmark by more than 2 percent today is Monday.

Al Rajhi Bank increased by 1.1 percent, overtaking the largest stock market support, and Samba Financial Group gained 1.2 percent.

Al-Baha's investments and development increased by a maximum of 10 percent each day, while the company made a profit in the third quarter after Zakat and tax, compared to a year earlier.

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Cement companies in the south of the kingdom near the border with Yemen increased profits on Sunday, and some investors ended the war in Yemen, which would increase the regional demand for cement to be rebuilt. Cement Cement increased by 1.6 percent. While cement in the southern region gained 1.2 percent.

The overall rate of Abu Dhabi dropped by about 1 percent, the worst daily result for almost two months, under the pressure of most of the bank's shares. Abu Dhabi Commercial Bank fell by 3.9 percent.

Funds could have escaped from banks to the Islamic Bank of Abu Dhabi, which grew by 13.4 percent, reaching a two and a half year high after the bank said foreigners would be able to hold up to 25 percent of their shares from November 19. Second. At present, Emiratis may only hold shares of the Bank. The bank's share has recorded the highest trading volume for 10 years.

The main index of Egyptian stock exchanges gained 0.8 percent. Increased by 5.4 percent. The rise of El Sewedy Electric and by 4.1 percent. Eastern Tobacco.

Orascom Development Egypt rose by 9.9 percent to 5.90 pounds, after the company reported that total revenues increased 38 percent in the third quarter, prompting Pharos Securities to describe the company's results as "excellent".

The Dubai index fell by 0.5 percent, recording losses in three consecutive sessions, under the pressure of property losses. Emaar Properties fell 2.7 percent and Damac Properties fell 1.9 percent.

Qatar's comparison rate gained 0.2 percent, gaining profits for three consecutive sessions. The Qatar Bank (QNB), the largest bank in the Middle East, has grown by 1.5 percent. After the bank announced the nomination of Abdullah Mubarak Al Khalifa as CEO.

Ali Ahmed al-Kuwari, head of the Qatar National Bank Group, became the minister of trade and industry in Qatar last week.

Below are the closing levels of the stock indices of the Middle East:

– Saudi Arabia: Index increased by 0.8 percent to 7,775 points.

– Dubai … Benchmark fell by 0.5 percent to 2,803 points.

– Abu Dhabi – Index fell by 1 percent, to 4,954 points.

– Qatar: Index rose 0.2 percent to 10,415 points.

– Egypt – Index increased by 0.8 percent to 13678 points.

– Kuwait: The index fell by 0.2 percent to 5290 points.

– Bahrain … Index dropped by 0.3 percent to 1308 points.

– Oman … The index fell by 0.5 percent to 4 480 points.

(Prepared by Alaa Rushdi for the Arab bulletin – Islam Islam Yahya)


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