Most major stock markets rose in early trade on Thursday, with the Saudi index extending gains from the previous session following a behemoth private investment push by the kingdom.
The kingdom’s crown prince said oil firm Aramco and petrochemical firm SABIC would lead 5 trillion riyals ($1.33 trillion) of investments by the local private sector by 2030 under a programme announced on Tuesday for economic diversification.
This is part of 12 trillion riyals worth of investments planned by 2030, Crown Prince Mohammed bin Salman said.
Saudi Arabia’s benchmark index added 0.2%, supported by a 3% rise in the country’s largest lender National Commercial Bank.
However, oil giant Saudi Aramco retreated 1%, a day after gaining sharply.
Saudi Arabia’s bourse, Tadawul, has invited banks to pitch for roles in its highly-anticipated flotation, three sources told Reuters on Wednesday.
With a market capitalisation of $2.5 trillion, Tadawul is the Arab world’s largest stock exchange.
The bourse has benefited from Aramco’s listing, welcoming a slew of companies since the pandemic, including healthcare firm Suleiman Al Habib and Riyadh-based vehicle rental company Theeb Rent-a-Car.
In Dubai, the benchmark index lost 0.3%, hit by a 1.3% fall in Emirates NBD Bank and a 0.3% decrease in blue-chip developer Emaar Properties.
The Abu Dhabi index gained 0.4%, buoyed by a 5.1% jump in International Holding.
The firm has gone through rapid expansion across its major business sectors, resulting in a sharp growth in its financials, positioning it for long-term growth.
So far this year, International Holding has risen about 60%.
The Qatari benchmark increased 0.4%, with Qatar Islamic Bank gaining 0.9%.
Qatar’s cabinet on Wednesday ordered a halt to non-urgent medical services at private health facilities as of April 2 as coronavirus cases rise in the Gulf Arab state, state news agency QNA said.
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