RIYADH: Saudi Arabia’s stock market rose on Monday, recovering from three consecutive declines, while other markets were weak amid concerns over the impact that trade disputes involving the United States could affect the global economy and equities.
The Saudi index added 0.4 percent, recovering from three straight days of declines that sent the largest Arab bourse down 1.5 percent; however trading volumes remained low, due to global concerns and as many investors are still away from the market.
“The global economic situation is worrying for the markets, wealth managers have been reducing exposure to equities over the past month, that’s why negative sentiment is spreading across the region;” said Mazen al-Sudairi, head of research at Al Rajhi Capital.
Sentiment among global investors has been dampened by a U.S.-China trade row while contentious trade talks between the United States and Canada ended on Friday with no deal to revamp the North American Free Trade Agreement.
Al Rajhi Bank rose 0.8 percent, petrochemical giant SABIC added 0.6 percent and real estate developer Jabal Omar jumped 1.3 percent.
Other markets declined amid lacklustre trading on select stocks.
Dubai index lost lost 0.4 percent as property developer Emaar retreated about 0.6 percent.
In Abu Dhabi, the index shed 0.3 percent amid weak trading with only four gainers and three losers led by First Abu Dhabi Bank which fell 0.5 percent.
Qatar followed suit, with the index losing 0.4 percent. Qatar Commercial Bank fell 1.7 percent and Masraf Al Rayan declined 0.9 percent.
Source: Brecorder
