Saudi stocks rise today, led by the banking and petrochemical sector

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The performance of the Saudi shares in the banking sector differed during trading today, Thursday, as the shares of two Saudi banks ended their trading with mixed performance after they held talks as the beginning of their merger.

The share of Alawwal Bank continued to achieve its gains by about 2.2% after it rose in the previous session by about 8.6%, while the share of SABB Bank declined by about 0.9% after rising sharply by 6.8% at the close of trading on Wednesday.

The shares of six other commercial banks also rose, led by the National Commercial Bank, which rose by 1%.

In the event that the merger takes place between Alawwal Bank and SABB Bank, it will result in the third largest bank in the Kingdom of Saudi Arabia in terms of the volume of assets, and a number of analysts believe that the process of merging the two banks will result in a great interest for both parties in general, while a number of other analysts believe that the merger may It is not beneficial, but in fact this may change the features of the sector and increase the intensity of competition.

An economist in Riyadh said that the small banks that compete with Alawwal Bank are the ones who will face less competition in the markets, as they will go to different clients.

Saudi stocks

Saudi stocks

On the other hand, Citigroup stated that it was able to obtain a license to practice its activities in the Kingdom of Saudi Arabia, after its absence for 13 years. Expand the volume of its activity in the Kingdom during this year.

On the other hand, Saudi stocks rebounded, led by the petrochemical companies sector, to end its trading today with a limited increase after the losses recorded during the trading session, and the Saudi Kayan Petrochemical Company rose by 0.6% after recording losses by about 1.1%.

The Dubai market index declined by 0.6%, to trade near its lowest level in four and a half months, and the number of declining shares exceeded the high shares by 20 declining shares to 12 high shares, and the share of Emaar Malls Group “DU:EMAA” recorded losses by about 4.8% during trading. today is Thursday.

The general index of the Abu Dhabi market fell by about 0.6% due to the decline in leading shares, led by Aldar Properties.

The Qatar Stock Exchange index also declined by 1.1% to trade near its lowest level in twenty weeks, and the number of declining shares exceeded the advancing shares by 1 gainer against 16 declining shares.

The share of Industries Qatar, the largest petrochemical company, led the decliners, as it recorded losses of about 3%, to lose the gains it made yesterday, Wednesday, after the company issued its quarterly earnings reports, which grew by more than a third of last year.

The main index of the Egyptian Stock Exchange also decreased by 1.2%, due to the correction and profit taking. The share of Global Telecom recorded a decline of 0.7% after the gains it achieved in the previous session.

As for the main indicators of stock markets in the Middle East

Saudi Arabia: The general index rose by 0.4% to end trading at the level of 6946 points.

Dubai: The general index declined by 0.6% to close its trading at the level of 3417 points.

Abu Dhabi: The general index fell by 0.6% to close its trading at the level of 4513 points.

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Mohamed Abdel Khaleq

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