Traders are seen at the Bahrain Stock Exchange in Manama, Bahrain September 16, 2019. REUTERS/ Hamad I Mohammed
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Aug 18 (Reuters) – The Saudi stock market’s main index rose to its highest level in over two months early Thursday after the IMF kept its forecast for 2022 economic growth for the kingdom, while other Gulf markets amid concerns about a possible global recession gave way.
The Saudi Arabian benchmark index (.TASI) added 0.3% to hit its highest level since June, with Al Rajhi Bank (1120.SE) up 1% and Retal Urban Development Co (4322.SE) down 0. up 7%.
The International Monetary Fund (IMF) on Wednesday stuck to its economic growth forecast for Saudi Arabia, despite concerns that the global economy could be heading into recession. Continue reading
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Saudi Arabia’s economy was expected to grow 7.6% this year, which the IMF says would likely be one of the fastest growth rates in the world, helped by strong oil demand and an expected 4.2% growth in the kingdom’s non-oil sector .
Dubai’s main stock index (.DFMGI) rose 0.2%, helped by a 0.8% surge in blue-chip developer Emaar Properties (EMAR.DU) ahead of a Thursday board meeting to sell its e-commerce business – to discuss fashion business.
The operator of Dubai International Airport said on Wednesday that the Middle East hub could bring monthly passenger traffic back to pre-pandemic levels in the second half of next year. Continue reading
In Abu Dhabi, the main stock index (.FTFADGI) was down 0.3%, hit by a 0.4% decline in conglomerate International Holding Co (IHC.AD).
Elsewhere, Aldar Properties (ALDAR.AD) fell 0.6% after alternative investments manager Apollo Global Management Inc (APO.N) bought a minority stake in an Aldar subsidiary. Continue reading
Apollo and Aldar said the deal is part of a previously announced $1.4 billion investment in Aldar by Apollo in February. Continue reading
Crude oil prices, a key catalyst for Gulf financial markets, were little changed as investors grappled with falling inventories in the United States, rising production in Russia and fears of a possible global recession.
The Qatar benchmark index (.QSI) lost 0.3%, the Commercial Bank (COMB.QA) lost 2.1%.
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Reporting by Ateeq Shariff in Bengaluru; Edited by Emelia Sithole-Matarise
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