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Business and Finance
Reuters
Decline in the Saudi stock market
Saudi stocks fell on Thursday as the financial sector collapsed, amid uncertainty over the US Federal Reserve 's policy following the minutes of the board meeting. administration of the month of July.
The minutes showed a divergence of opinion among US central bank decision-makers on last month's rate cuts, but they shared the desire to avoid giving the impression that "we're not in the mood". they were about to make other cuts.
In Saudi Arabia, the index fell by 0.7%, with the shares of the financial group "Samba" being 2.6% and those of the National Commercial Bank by 0.8%.
Bank stocks have been under pressure in recent weeks. The Saudi Monetary Agency (SAMA) has decided to follow the US Federal Reserve by lowering interest rates, which should allow analysts to put pressure on banks' profit margins.
Shares of the Savola Group, Saudi Arabia's largest food producer, continued to fall 3.8%, a day after the 27.7% drop in second-quarter profits.
The other Gulf markets have not been fortunate, as the Dubai index fell 0.8% to 2,769 points, its lowest level since July 21, while the US market was down. Abu Dhabi's index has stabilized with shares of First Abu Dhabi Bank of 0.3%.
The decreases recorded in Riyadh and Dubai were contrasted with Qatar, which rose 0.4%, driven by the 1.4% rise in Qatar's heavy industries.
Source: Reuters
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