Saudi bourse extends rebound from 4-month low; Qatar falls

By Ateeq Shariff

(Reuters) – Saudi Arabia’s stock market ended higher on Sunday, building on the previous session’s rebound from a near four-month low.

Saudi Arabia’s benchmark index gained 0.9%, with aluminium products manufacturer Al Taiseer Group rising 0.7% and Al Rajhi Bank increasing 1.9%.

Among other gainers, oil giant Saudi Aramco (TADAWUL:2222) added 0.4%, ahead of a meeting of OPEC+.

OPEC+ is discussing postponing its oil output hike due to start in January for the first quarter of 2025, Reuters reported on Thursday, citing OPEC+ sources, and will hold further talks on this and other options ahead of its delayed policy meeting on Dec. 5.

In Qatar, the index eased 0.2%, hit by a 1% fall in petrochemical maker Industries Qatar and a 0.8% decrease in Qatar Islamic Bank.

Outside the Gulf, Egypt’s blue-chip index gained 0.7%, led by a 2.9% rise in tobacco monopoly Eastern Company.

Egypt’s M2 money supply rose by 29.54% year-on-year in October, central bank data showed.

Money supply stood at 11.24 trillion Egyptian pounds ($226.84 billion), up from 8.68 trillion pounds in the same month last year.

SAUDI ARABIA rose 0.9% to 11,742

QATAR eased 0.2% to 10,393

EGYPT up 0.8% to 30,497

BAHRAIN was flat at 2,031

OMAN gained 0.3% to 4,578

($1 = 49.5500 Egyptian pounds)