Saudi Arabia's lowest in 6 months and Qatar's highest in 16 months

Saudi Arabia's lowest in 6 months and Qatar's highest in 16 months

The Saudi bourse fell to a six-month low on Thursday, lagging behind emerging markets generally, while the Qatar Exchange continued to rise, hitting its highest level in 16 months.

The MSCI Emerging Markets index rose 1.1%, but the Saudi benchmark ended 0.6% down at 7,591 points, with losers beating losers by 107 to 56.

The Saudi index has been up 5% since the beginning of the year, well above the MSCI Emerging Markets Index, which fell 12% in the same period. But individual investors sold more than they bought over several weeks, while institutions became more cautious due to instability in emerging markets and global trade tensions.

Saudi Basic Industries Corp (SABIC) fell 1.2%, while Sahara Petrochemical Co slipped 1.1% after the company announced an emergency shutdown of one of its units for 17 days due to electricity cuts, estimated to cost 23.3 million riyals ($ 6.2 million).

Medgulf and Gulf Cooperative Insurance and Reinsurance (MedGulf) shed 7.4% after rising in the previous two sessions, after shareholders were due to issue a rights issue on Wednesday.

But Saudi Paper Manufacturing rose 1.4%, resuming trading after a two-day halt due to an increase in capital.

Qatar Exchange

The Qatar Exchange index rose 0.3% to 10022 points in modest transactions, supported by the rise of shares of Mesaieed Petrochemicals 1.3%. The stock has risen in recent days as Brent crude rose near $ 80 a barrel.

In Kuwait, the benchmark index rose 0.4%. The index has been bullish for two weeks ahead of the partial accession of the FTSE Russell Emerging Markets Index on 24 September.

Egypt's main stock index fell 1.2%, under pressure from the weak performance of real estate stocks, which have been under pressure since the start of emerging market currency turmoil a month ago, reducing the central bank's easing of monetary policy while the UAE markets were closed for public holidays.

(Reuters)

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