Most Gulf markets extend losses on profit-taking; Egypt gains
Most Gulf markets extend losses on profit-taking; Egypt gains: The Egyptian index defied the trend and closed at a record high on Sunday, while other Gulf stock markets saw their closing values decline as profit-taking persisted.
The 1.1% decline in Al Rajhi Bank (1120.SE) and the 1.7% decline in Alinma Bank (1150.SE) contributed to the 0.5% decline in Saudi Arabia’s benchmark index, or.TASI.
The kingdom’s decision to prolong the reductions in crude output puts it in danger of an economic downturn this year, underscoring its continued strong dependence on oil and the poor progress of diversification measures.
Separately, one of the banks involved in the transaction said on Thursday that oil and gas driller ADES Holding is anticipated to price its initial public offering (IPO) at the upper end of a range disclosed this week.
Through the sale of public shares, ADES hopes to collect as much as 4.57 billion riyals ($1.22 billion) through the sale of a 30% interest in the firm.
For a third session, the Qatari index (.QSI) continued to decline.
Outside the Gulf, Beltone Financial Holding (BTFH.CA) surged 5.5%, driving Egypt’s blue-chip index (.EGX30) to a record-high gain of 0.6%.
The major manufacturer of tobacco products in Egypt, Eastern Co. (EAST.CA), has agreed to sell a 30% interest to UAE’s Global Investment Holding Co. for $625 million. This move is expected to increase private sector engagement in the Egyptian economy, the Egyptian cabinet said earlier this month.
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