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WorldMiddle EastThe Divergence of Leading Gulf Indicators Ahead of Resumption of Debt Ceiling...

The Divergence of Leading Gulf Indicators Ahead of Resumption of Debt Ceiling Negotiations


US President Joe Biden and House Speaker Kevin McCarthy are due to meet later Monday to discuss the debt ceiling.

Daniel Taqi El-Din, CEO of the Middle East and North Africa region at BD Suisse, said the stock markets of the Gulf Cooperation Council countries were experiencing some volatility in general due to developments in the local scenes and global issues, such as unstable energy prices and weak corporate profits in some countries.

Market movements

  • The Saudi index fell 0.1%, with healthcare and mining stocks leading the losses.

Shares of the Saudi Arabian Mining Company, “Maaden”, fell more than 2%, after announcing a fall in its first quarter net profit of more than 80%, to 419.4 million riyals (111, $84 million) on an annual basis. base.

Shares of national oil giant Aramco fell 0.5%.

Medical and Scientific Equipment House’s share fell more than 4%, posting its biggest daily loss in nearly seven months, after first-quarter net profit fell 63% to 6.3 million of riyals on an annual basis.

  • The Dubai Market Index rose 0.1%, after losses for two consecutive sessions, supported by a 2.3% rise in Tabreed and Dubai Investments Company, 1.4%.
  • The Abu Dhabi market index rose 0.5%, supported by a 5.4% rise from Alfa Abu Dhabi Holding Company and a 3.7% rise from Emirates Telecommunications Group.

  • The Qatari index fell 0.1% and financial and industrial stocks led the wave of losses.

Qatar Islamic Bank fell 0.8%, while Industries Qatar fell 0.5%.

  • Outside the Gulf region, the EGX30 index fell 0.6%, amid declines in almost all sectors.

The share of the Eastern Company for Smoke fell by 2.4% and that of the Abu Qir Fertilizers and Chemical Industries Company fell by around 2%.

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