Business
Saudi stocks gain ahead of earnings, market opening to all foreign investors
Saudi stocks gain ahead of earnings, market opening to all foreign investors
About this update from Al Rajhi Bank
By Ateeq Shariff Saudi Arabia's stock market closed higher on Sunday, supported by anticipation of upcoming earnings and next month's opening of the capital market to all categories of foreign investors. Qatar's benchmark index slipped as investors locked in profits. The kingdom will open its financial markets to all foreign investors starting February 1, the market regulator said earlier this month, as it relaxes rules to draw more overseas capital.Saudi Arabia's benchmark index TADAWUL:TASI gained 1.2%, rising for a third session, led by a 1.8% rise in Al Rajhi Bank TADAWUL:1120.Saudi stocks extended recent momentum on upbeat fourth-quarter earnings expectations and anticipation of February's opening to foreign investors, said Daniel Takieddine co-founder and CEO, Sky Links Capital Group."Additionally, a rebound in oil prices can provide a floor of support for the index, although questions regarding the sustainability of crude’s recovery linger."In Qatar, the index QSE:GNRI dropped 1.3%, as all its constituents were in negative territory including the Gulf's biggest lender Qatar National Bank QSE:QNBK, which retreated 1.5%.According to Takieddine, even as the fourth-quarter earnings season continues this week, sentiment remains guarded, with investors wary that regional geopolitical tensions could escalate.Outside the Gulf, Egypt's blue-chip index (.EGx30) gained 0.9%, hitting a new record high, with Talaat Moustafa Group Holding EGX:TMGH advancing 3.5%. Saudi ArabiaTADAWUL:TASI rose 1.2% to 11,268QatarQSE:GNRI dropped 1.3% to 11,187EgyptEGX:EGX30 up 0.9% to 46,858BahrainBAHRAIN:BHBX eased 0.1% to 2,052Oman(.MSX30) lost 0.4% to 6,191Kuwait(.BKP) dropped 0.6% to 9,389