On Sunday, the 26th of May 2019, stock market of Saudi Arabia had witnessed a sharp plunge, largely led by a pressurized financials and petrochemicals over the narratives of falling crude oil price, which had experienced a steep plunge of 5% last week, while less-energy dependent Egyptian stock market had been gaining, under support from its leading stocks.
Saudi Arabia’s main index had jolted 2 percent, while the third-largest lender of the Kingdom, Samba Financial Group (SABB) had been tottered more than 3.5 percent and the nation’s largest lender by asset, National Commercial Bank had shed 3.4 percent.
Among the energy stocks, Saudi International Petrochemical Co. had been among the biggest losers with a slump of 4.2 percent, while another petrochemical giant of the Kingdom, SABIC (Saudi Basic Industries Corp.), was rammed by 2.4 percent.
In point of fact, Saudi bourse had lost more than 10 percent this month in context of a steep sell-off following heightening tensions over Iran and its Strait of Hormuz, that channels more than 30 percent of world’s entire crude passaged-through sea-oil-tankers, while Egyptian bourses had gained about 1.5 percent on Sunday’s (May 26th) market closure, with its telco giant, Egypt Telecom added 4.3 percent.
Elsewhere over the Gulf, Abu Dhabi shed 0.1 percent alongside Qatar bourses had been down by 0.3 percent, while Oman fell by 0.1 percent, and analysts had been blaming a crushed crude oil price last week behind this sudden downfall.
Among the gainers, Kuwait stock market rose 0.3 percent, while Bahrain added 0.1 percent, extending its rally further on Sunday’s (May 26th) market wrap-up.