DUBAI: Saudi Arabia’s stock market ended higher on Sunday, extending gains from the previous session, after S&P upgraded its ratings, although other Gulf peers were subdued amid economic uncertainty sparked by US President Donald Trump’s trade tariffs.
Global ratings agency S&P raised Saudi Arabia’s rating to ‘A+’ from ‘A’ with a stable outlook on Friday, underpinned by ongoing social and economic transformation in the country.
Saudi Arabia’s benchmark index finished 1.1% higher, helped by a 4.4% rise in Saudi Arabian Mining Company and 0.6% increase in Al Rajhi Bank.
In Qatar, the index closed flat.
Outside the Gulf, Egypt’s blue-chip index rose 0.2%, helped by a 2.7% gain in Fawry for Banking Technology and Electronic Payment.
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