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Aug 14 (Reuters) – Saudi Arabia’s inventory market ended barely decrease on Sunday in response to Friday’s fall in oil costs, whereas the Qatari index inched larger to notch up a 3rd consecutive session of beneficial properties.
Oil costs, a key catalyst for the Gulf’s monetary markets, had dropped round 2% on expectations that provide disruptions within the U.S. Gulf of Mexico can be short-term, whereas recession fears clouded the demand outlook.
Saudi Arabia’s benchmark index (.TASI) eased 0.1%, hit by a 1.2% fall in Riyad Financial institution (1010.SE) and a 0.7% slip in Saudi British Financial institution (1060.SE).
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Saudi Aramco (2222.SE) shares closed flat, regardless of the state oil large reporting a steep rise in quarterly revenue.
Aramco on Sunday recorded its highest quarterly revenue since going public in 2019, boosted by larger oil costs and refining margins. learn extra
Crude costs have soared in 2022 to their highest since 2008, climbing above $139 a barrel in March after the USA and Europe imposed sanctions on Russia over its invasion of Ukraine.
Costs have since eased to beneath $100 a barrel as hovering inflation and better rates of interest elevate fears of a recession that will erode demand.
Internet revenue elevated 90% to 181.64 billion riyals ($48 billion) for the quarter to June 30 from 95.47 billion riyals a yr earlier and in contrast with a imply estimate from 15 analysts of $46.2 billion.
Aramco declared a second-quarter dividend of $18.Eight billion, in keeping with its personal goal, to be paid within the third quarter.
In Qatar, the index (.QSI) gained 0.4%, with Industries Qatar (IQCD.QA) advancing 1.8%.
The petrochemical maker rose for a fifth session in six after final week posting a pointy rise in first-half internet revenue.
Outdoors the Gulf, Egypt’s blue-chip index (.EGX30) was flat, as declines in monetary shares have been offset by beneficial properties elsewhere.
Among the many gainers, Telecom Egypt (ETEL.CA) jumped 3.9%.
On Thursday, the telecom operator reported second-quarter internet revenue of two.42 billion Egyptian kilos ($127 million), up from 1.75 billion Egyptian kilos a yr in the past.
($1 = 19.0800 Egyptian kilos)
($1 = 3.7540 riyals)
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Reporting by Ateeq Shariff in Bengaluru; Enhancing by Alexander Smith
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