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Saudi Arabian index at highest level in 15 years, Egypt experiences blue-chip selloff

On Thursday, most Gulf stock markets finished higher, with the Saudi index reaching its highest level since mid-2006, while the Egyptian exchange fell owing to a selloff in blue-chip stocks.

The Saudi Arabian benchmark index rose 1 percent, boosted by a 5.4 percent gain in Riyad Bank and a 1.5 percent gain in Saudi National Bank.

According to Farah Mourad, Senior Market Analyst at XTB MENA, the Saudi market was supported by rising oil market prices.

“In addition, the Saudi wealth fund plans to invest $10 billion in local shares this year, which might provide significant assistance to the market,” Mourad added.

Separately, the kingdom plans to auction up to three mining licences in 2022, including the Khnaiguiyah mines, which are expected to have zinc and copper resources worth roughly 26 million tonnes.

The Abu Dhabi index rose 0.7 percent, led by a 1.8 percent gain in First Abu Dhabi Bank, the country’s largest lender.

The Dubai Stock Exchange’s main index gained 0.2 percent, boosted by a 1.1 percent gain in Emirates NBD Bank.


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