The Saudi market index leads the rise of most Gulf stock exchanges

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Most Gulf stock markets rose at the close today, Tuesday, and the Saudi market index “TASI” ended a series of losses that lasted for 4 consecutive sessions and rose 0.3% at the end of today’s session, supported by a rise in the shares of “Saudi National Bank”, the largest bank in the Kingdom in terms of assets, by 1.8%. This rise compensated for part of the losses of the stock, which fell 1.2% yesterday, Monday.

The Dubai market index gained 0.4%, and the Abu Dhabi index also rose 0.3%.

The stock exchanges of the Gulf Cooperation Council countries moved in a narrow range today, as investors evaluate the increase in risks in the region, according to Reuters.

Co-founder and CEO of Sky Links Capital Group, Daniel Takieddine, said that investors are still cautious due to the lack of clarity regarding negotiations between the United States and Iran and the continued unrest in the Strait of Hormuz, but efforts to ease tensions have helped prevent a more severe wave of selling.

The Qatari index rose 0.2%, continuing its rise after falling on Sunday to its lowest level in more than six years.

Advisor to the Emirati President, Anwar Gargash, said yesterday, Monday, that there is an urgent need to revive joint Gulf action, especially in the fields of security and defense. He added that targeting Saudi Arabia undermines the security of all Gulf states.

In an attempt to reassure energy security, Saudi Energy Minister Prince Abdulaziz bin Salman said yesterday, Monday, that the Kingdom wants to raise the capacity of exporting crude oil via pipelines to up to 10 million barrels per day.

The plan includes using a local gas pipeline for other purposes and investing in the existing East-West pipeline, which transports crude oil to the Red Sea and avoids the Strait of Hormuz.

The Kuwaiti index rose 0.1%, while the Muscat Stock Exchange index in the Sultanate of Oman fell 1%, and the Bahraini index stabilized.

Outside the Gulf region, Egypt's leading stock index fell 0.7%.

The Central Bank of Egypt said on Monday that the current account deficit reached $7.9 billion in the quarter extending from April to June, compared to $2.2 billion in the same period of the previous year.