Saudi stocks rise as lockdown measures ease, Egypt steps up on financials

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Saudi stocks rise as lockdown measures ease, Egypt steps up on financials

On Sunday, a gauge of Gulf bourses had winded down the day in an ambivalent weave, as the Saudi’s main index had gained as much as 2.3 per cent following a five-day long holiday over hopes of an ease of lockdown measures and the Egyptian bourse had soared over 1.1 per cent, led by the gains of financial stocks, nonetheless, other Mideast stock exchanges had rounded off the day in a downbeat tone.

In point of fact, as the Kingdom of Saudi Arabia had started off easing restrictions on movement and travel following a two-month long stiffer lockdown to contain the pandemic outbreak, Saudi stock exchange wrapped up the day 2.3 per cent higher with the Kingdom’s largest bank, the National Commercial Bank skyrocketing as much as 7 per cent.

Saudi bourse gains on banking stocks' rally; other Mideast stock indices muddle

On top of that, as the Saudi’s main index reported a strong start-off of the week, which had been in alignment with a robust upsurge of the crude oil futures’ prices alongside a growing optimism of further output curb, after an official news agency had reported a measure to lift up the nationwide lockdowns in three phases, Dubai’s main index had dwindled 0.8 per cent as the United Arab Emirates’ largest Islamic bank, Dubai Islamic Bank fell by 1.7 per cent.

Concomitantly, Abu Dhabi’s main index rose by 0.5 per cent, mostly buoyed up by the gains of the First Abu Dhabi Bank which had ended down the day 0.5 per cent higher. Elsewhere in the Mideast, the Qatari bourse and the Kuwait stock exchange slid by 0.3 and 0.6 per cent respectively.

Outside the Gulf, Egypt’s main index rose as much as 1.1 per cent, almost entirely prompted by a 1 per cent rise of its heavily traded International Commercial Bank.