US Secretary of State Anthony Blinken arrived Israel Tuesday to hold meetings with Israeli leaders at the start of a broader tour in the Middle East aimed at reviving ceasefire talks.
Stock movements
The Saudi index fell by 0.4 percent, affected by a decline in the shares of “Aqua Power” company by 1.1 percent and the shares of the Middle East Pharmaceutical Industries Company by 1.8 percent.
National Bank of Saudi Arabia shares also fell 0.1 percent despite announcing an increase in its net profits in the third quarter.
The International Monetary Fund reduced its forecast for Saudi Arabia’s gross domestic product growth this year to 1.5 percent, expecting growth to accelerate to 4.6 percent next year, in the latest version of the World Economic Outlook report issued by the Fund on Tuesday.
The Fund expects oil prices to rise 0.9 percent in 2024 to about $81 per barrel.
The Fund had previously said that Saudi Arabia needs oil prices to reach approximately $100 per barrel to achieve balance in its budget.
The index fell Dubai 0.2 percent, and in Abu DhabiThe index fell 0.3 percent.
The Qatari index lost 0.3 percent, with Qatar Islamic Bank shares falling 1.7 percent.
On the other hand, Doha Bank shares rose 0.8 percent after its net profits increased in nine months.
Outside the Gulf region, the leading stock index closed in… Egypt Declining 0.1 percent, affected by a 9.2 percent decline in Abu Qir Fertilizers Company shares.
