On Friday, oil prices were increased when settling a batch of hopes regarding the increase in demand from China and the decline in the dollar, which overwhelmed fears of slowing the global economy and raising interest rates and its consequences for fuel consumption.
The Giant Oil Company, Aramco, and Riyad Bank, which reported a sharp increase in quarterly profits, both saw their shares rise, contributing to a 0.4% increase in the Saudi index.
The Saudi National Transport Company (Maritime) had a 2.9% gain in share value as well. Following the close of business, the company declared a net profit of 269,9 million riyals (about 71,82 million dollars), up from 18 million riyals a year earlier.
The largest bank in the Kingdom, the Saudi National Bank, announced today, Sunday, that its net profits rose 18% in the third quarter.
Due to rising operations income and minimal expenses, which include low-value allocations, the yearly growth rate was 7.0%.
The Saudi National Bank’s net profit climbed by 0.3% in the third quarter to 4.7259 trillion riyals ($1.26 billion), up from 3.98 trillion riyals in the same quarter last year. The third-quarter net profit fell short of EVG Hermes’ projections, which called for an increase to 5.25 billion riyals.
On Sunday, Saudi Crown Prince Mohammed bin Salman launched an initiative for global supply chains from and to the Kingdom, targeting attracting 40 billion Saudi riyals (10. 64 billion dollars).
The Egyptian market index declined outside of the Gulf area by 0.2%, with Etisalat’s share falling by 1.9%.
Due to high oil prices and positive financial data, the Saudi Stock Exchange is up.
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