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Saudi index extends losses on oil

MM News Staff by MM News Staff
November 10, 2022

Saudi Arabia’s stock market extended losses from the previous session on falling oil prices and mixed corporate earnings, while the Egyptian index outperformed the region.

Oil prices, a key catalyst for the Gulf’s financial markets, slipped after industry data showed US crude stockpiles rose more than expected and on concerns a rebound in COVID-19 cases in top importer China would hurt fuel demand.

Saudi Arabia’s benchmark index fell 0.7%, hit by a 1.7% fall in oil giant Saudi Aramco as the stock traded ex-dividend.

Elsewhere, Sadr Logistic was down 3.4%, as the firm turned to quarterly losses.

The Saudi market’s continued correction is due in part to mixed earnings results from local companies, said Fadi Reyad, chief market analyst at CAPEX.com.

“A decline in oil prices also pushed the market further down,” he added.

Egypt’s blue-chip index jumped 4.5%, buoyed by a 11.4% surge in Commercial International Bank, its biggest intraday gain since February 2006.

The bank added 11.1 billion Egyptian pounds ($456.41 million) to its market value.

Last week, the lender reported third-quarter consolidated net profit of 4.41 billion Egyptian pounds, up 15% year-on-year.

The presidents of the United Arab Emirates and Egypt witnessed the signing of an agreement on Tuesday to develop one of the world’s largest onshore wind projects in Egypt, according to an official statement on the Gulf nation’s state news agency.

The wind project would save Egypt an estimated $5 billion in annual natural gas costs, the statement said.

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