April 1, 2023

Dubai Week

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Saudi market reacts positively to budget: Etisalat shares up 2.4%

Saudi market reacts positively to budget: Etisalat shares up 2.4%

Closed Most Gulf markets Investors’ appetite soared amid speculation that the mutated omigron of the corona virus would not cause severe symptoms, rising today, Monday.

The Saudi index “TASI” rose 0.46%, or 50.80 points, to 11019.86, the second consecutive session supported by a 1% increase in Al-Raji Bank’s stake.

Mada’a Investment CEO Tamar al-Sayeed told Al-Arabia that the market’s positive response to next year’s budget announcement, the amount of spending due to growth, supports the performance of private sector companies and joint stock companies, thus making corporate products And growth and demand for services.

Saudi Telecom shares rose 2.4%, offsetting most of its losses yesterday, by about 3%, after setting the final selling price for 120 million shares at 100 riyals per share, at the lower end of the index, Reuters reported at 100 and 116 riyals.

The Public Investment Fund is expected to raise 12 billion riyals ($ 3.20 billion) by selling a 6% stake in Saudi Telecom.

After trading 230 million shares through 400,000 deals, the value of trading in the Saudi market reached 8.8 billion riyals.

The Dubai index was up 0.5%, led by Emaar Properties, up 1.8% and the Islamic Bank of Dubai was up 0.9%.

Qatar’s index rose 0.3%, supported by a 0.6% increase in Qatar Islamic Bank.

Shares of First Abu Dhabi Bank, the country’s largest bank, fell 0.3%, while the Abu Dhabi index lost 0.4%.

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