stock movements
The Saudi index rose 1.2%, buoyed by a 6% rise in Saudi British Bank stock, posting its biggest rise in the session since December 2021, after a sharp rise in its profits in the first trimester.
The bank reported quarterly net profit of 1.77 billion riyals ($471.99 million), up from 1 billion riyals a year earlier.
Other gainers included oil giant Saudi Aramco, which rose 2%.
Saudi Arabia’s economy grew 3.9% year-on-year in the first quarter of this year, according to the government’s preliminary estimates of real gross domestic product released on Sunday.
Outside the Gulf region, the blue chip index fell 0.4% on the Egyptian Stock Exchange, posting losses for the fifth consecutive session, with the East Smoke Company down 1, 8%.
Yesterday Saturday, Fitch downgraded Egypt’s credit rating to B, with a negative outlook.
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