Tuesday, 6 June 2023
Middle EastStock Market

Saudi Bourse Rises on the Non-Oil Activity

On Sunday, the Saudi Arabian stock market continued to rise thanks to strong results and encouraging non-oil company activity, while the Egyptian bourse declined due to profit-taking.

Al Rajhi Bank (1120. SE) rose 1.9%, boosting the benchmark index (.TASI) in Saudi Arabia, and Retail Urban Development Co. rose 0.8%. (4322. SE).

Non-Oil Company

A survey released on Sunday revealed that the kingdom’s non-oil business sector activity climbed to its highest level in eight years in February as a result of a significant increase in demand and a positive outlook for the economy.

Ahmed Negm, Head of Market Research MENA at XS.com, asserts that despite tightening monetary policy and deteriorating global conditions, businesses may be able to maintain profit levels thanks to the favorable business climate in non-oil sectors.

  • The Saudi Arabian stock market encourages non-oil company activity.
  • The kingdom’s non-oil business sector activity climbed to its highest level in eight years.
  • Oil prices increased by more than $1 a barrel on Friday

The present volatility in the oil markets, however, “may still have an unpredictable influence on Saudi stocks.” Oil prices, a major factor in the Gulf’s financial markets, increased by more than $1 a barrel on Friday and finished the week higher due to renewed hope for demand from China, the world’s largest oil consumer.

With a significant increase in annual profit, Leejam Sports (1830. SE) saw a 2.6% increase. Egypt‘s blue-chip index (.EGX30), which trades outside the Gulf, fell 0.1%, extending losses due to profit-taking after the market reached a record in February.

As investors may turn to safer assets in other markets, expectations of tighter monetary policy in the U.S. and Europe could intensify this trend further, according to Ahmed Negm.

However, a 7.7% increase in Telecom Egypt kept the index’s losses in check (ETEL.CA). In order to promote collaboration in digital transformation, the telecom company and Huawei Egypt have signed a cooperation agreement.

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