Mideast stocks edge up as Saudi index totters on financials, Aramco

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Mideast stocks edge up as Saudi index totters on financials, Aramco

On Sunday, the 19th of January 2020, a basket of Gulf bourses wrapped up the day modestly higher, but a persistent drag on Saudi state-backed oil giant Aramco alongside financials drowned the Saudi index days after the leading US lender JPMorgan had rated Saudi Aramco’s shares’ prices overweight given the extent of ‘if,’ but’ and then’ it has to go through to proffer a $75 billion base dividend on September this year.

Aside from further collapse of Saudi Aramco which had ended down the day at 34.40 Saudi Riyals, a continued weakness in financials had also weighed on Saudi index as 9 out of 11 Riyadh-listed financial entities had faltered on Sunday (January 19th).

Amid such bellicose wave of sell-off pressures, the Saudi Arabia’s main index winded down the day 0.1 per cent lower, while the Saudi Aramco shed 0.7 per cent, but Qatar and Dubai had extended their rally in to the seventh straight day in a row.

Outside the Gulf, the Egyptian blue-chip index gained 0.7 per cent, boosted up by a 2.7 per cent surge of Commercial International Bank of Egypt, the 45-year old Egyptian private sector lender employing more than 6,000 people.

Elsewhere in the Mideast, the Abu Dhabi index ended the day down by 0.1 per cent, while Dubai and Qatari bourse added 0.1 per cent and 1.2 per cent respectively. Besides, Bahrain added 0.1 per cent and Oman rose 0.3 per cent, while the Kuwaiti bourse, which had witnessed its worst day in decades earlier this month following an escalation of US-Iran tension, rounded off Sunday’s (January 19th) market 0.7 per cent higher.