(Reporting by Ateeq Shariff in Bengaluru, Editing by Ros Russell)
By Ateeq Shariff
March 5 (Reuters) - Saudi Arabia's stock market extended
gains for a third session on Sunday on buoyant earnings and
upbeat non-oil business activity, while the Egyptian bourse fell
further on profit taking.
The benchmark index in Saudi Arabia gained 1.3%,
buoyed by a 1.9% rise in Al Rajhi Bank and a 0.8%
increase in Retal Urban Development Co .
The kingdom's non-oil business sector activity soared to its
highest level in eight years in February, a survey showed on
Sunday, based on a strong increase in demand and an optimistic
economic outlook.
According to Ahmed Negm, Head of Market Research MENA at
XS.com, the favourable business conditions in non-oil sectors
could help companies maintain their profit levels despite
monetary policy tightening and eroding global conditions.
"However, the developments in oil markets could still have
an uncertain impact on Saudi stocks due to the current
volatility."
Oil prices - a key catalyst for the Gulf's financial markets
- gained by more than $1 per barrel on Friday and ended the week
higher, driven by renewed optimism around demand from top oil
importer China.
Leejam Sports advanced 2.6% following a sharp rise
in annual profit.
Outside the Gulf, Egypt's blue-chip index eased
0.1%, extending losses on profit-taking after the market hit a
high in February.
Expectations of tighter monetary policy in the U.S. and
Europe could exacerbate this trend further as investors could
move toward safer assets in other markets, said Ahmed Negm.
However, the index's losses were limited by a 7.7% surge in
Telecom Egypt .
According to a media report, the telecom firm and Huawei
Egypt inked a cooperation agreement to foster cooperation in
digital transformation.
SAUDI ARABIA rose 1.3% to 10,411
EGYPT lost 0.1% to 16,828
BAHRAIN dropped 1% to 1,910
OMAN was up 0.7% to 4,853
KUWAIT added 0.6% to 8,172
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