On Sunday, the Saudi stock market fell for the fourth session, influenced by lackluster corporate earnings, with TASI down 0.6%. Conversely, Egypt’s EGX30 index rose 0.8% due to strong company profits, reversing a losing streak. Bahrain, Oman, and Kuwait reported modest gains while oil prices decreased amid geopolitical tensions.
On Sunday, the Saudi stock market experienced a decline for the fourth consecutive session, primarily due to disappointing corporate earnings. The benchmark index TASI decreased by 0.6%, negatively impacted by Al Rajhi Bank’s 0.4% drop and a notable 3.4% fall in Riyad Bank shares. Additionally, Saudi Tadawul Group reported a 0.5% decrease after failing to meet analysts’ profit expectations.
In contrast, Egypt’s stock index, EGX30, enjoyed a 0.8% increase, interrupting a four-day losing streak, driven by optimistic company earnings. Commercial International Bank saw a rise of 1.1%, and Fawry for Banking Technology and Electronic Payment surged by 4.4%, attributed to an increase in profits for 2024. Other notable gainers included E-Finance for Digital and Financial Investments, which posted a 2.7% rise in share value, following a significant profit growth in the fourth quarter.
The oil market faced challenges with prices declining due to geopolitical tensions between the U.S. and Ukraine and impending tariffs from Washington, alongside Iraq’s plan to recommence oil exports from the Kurdistan region. Furthermore, the Egyptian central bank reported a year-on-year increase of 32.1% in M2 money supply for January, highlighting robust monetary activity.
The performance across the Gulf region varied, with Qatar markets remaining closed for a public holiday, while Bahrain’s index BHBX increased by 0.6% to 1,971. The Omani index (MSX30) rose by 0.1% to 4,441, and the Kuwaiti index (BKP) added 0.5% to reach 8,732. The dollar remained stable at 50.6000 Egyptian pounds.
In summary, while Saudi Arabia’s stock market faced setbacks driven by underwhelming corporate earnings, Egypt’s market demonstrated resilience with notable gains in several sectors. The decreasing oil prices and geopolitical factors contributed to the challenges in Saudi Arabia, contrasting sharply with Egypt’s positive financial disclosures and increased money supply. The mixed performances among Gulf nations highlight a diverse economic landscape in the region.
Original Source: www.tradingview.com
