DUBAI: Saudi Arabia’s stock market rose sharply on Wednesday, after the country announced a huge investment push led by Aramco and SABIC, while other major Gulf markets were mixed.
The kingdom’s crown prince said oil firm Aramco and petrochemical firm SABIC would lead 5 trillion riyals ($1.3 trillion) of investments by the local private sector by 2030 under a programme announced on Tuesday for economic diversification.
This is part of 12 trillion riyals worth of investments planned by 2030, Crown Prince Mohammed bin Salman said in televised remarks.
Saudi Arabia’s benchmark index advanced 2.8%, its biggest intraday gain since April last year, as all its banking shares traded higher except for one.
Al Rajhi Bank leapt 5.1%, while Saudi Basic Industries Corp (SABIC) climbed 5.6%. Saudi Aramco closed 2.7% higher.
In Dubai, the benchmark index eased 0.3%, hit by a 0.8% fall in blue-chip developer Emaar Properties and a 2.4% slide in DAMAC Properties. The Qatari index added 0.2%, with Commercial Bank rising 3.2%. However, Aamal Company declined over 5%, as the stock went ex-dividend.
Outside the Gulf, Egypt’s blue-chip index fell 1.6%, as most of the stocks on the index retreated including Commercial International Bank, which was down 1.6%.
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