The Saudi stock market fell 0.6% due to disappointing earnings over four days, while Egypt’s EGX30 rose 0.8% following positive corporate performance. Key players like Al Rajhi and Riyad Bank contributed to Saudi losses, while notable gains were seen in Egypt’s sector, particularly in banking and fintech. The oil market also faced pressure amid geopolitical tensions.
The Saudi stock market experienced a decline on Sunday, marking its fourth consecutive day of losses. This downturn is attributed to disappointing corporate earnings results, with the benchmark index TASI falling by 0.6%. Key contributors to this slide included a 0.4% decrease in Al Rajhi Bank and a significant 3.4% drop in Riyad Bank.
Saudi Tadawul Group also saw a slight decline of 0.5% following a report that revealed they missed analysts’ profit expectations. Meanwhile, global oil prices encountered a decrease as investors reacted to political disputes involving the U.S. and Ukraine, as well as developments related to Iraq’s oil exports.
In contrast, Egypt’s stock index benefited from positive corporate earnings, with the EGX30 rising by 0.8% and breaking a four-day losing streak. Notable gains were recorded by the Commercial International Bank, which rose 1.1%, and Fawry for Banking Technology, which surged 4.4% after revealing an increase in profits for 2024.
Moreover, E-Finance for Digital and Financial Investments saw a gain of 2.7% following a considerable rise in their fourth-quarter profits. Additionally, data from the central bank indicated a year-on-year increase of 32.1% in Egypt’s M2 money supply for January.
It is noteworthy that Qatar’s markets were closed due to a public holiday. On this day, the TASI was reported at 12,035 points, indicating its decline, while the EGX30 now stands at 30,858 points. The Bahrain Bourse increased by 0.6%, the Muscat Securities Market edged up 0.1%, and Kuwait’s index added 0.5%, reflecting mixed sentiments across the region.
In summary, the Saudi bourse continued its downward trend, driven by weak corporate earnings, while Egypt’s stock index posted gains thanks to better-than-expected financial results from key companies. The disparities in market performance highlight the varied economic dynamics in the region, as evidenced by the statistics shared from both nations’ stock exchanges. Continued monitoring of these trends will be crucial for investors and analysts alike.
Original Source: www.tradingview.com
