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  • 07-11-22

    Saudi bourse increases on Sunday driven by surging oil prices, Egypt drops

    (MENAFN) Saudi Arabia’s share market closed with increases on Sunday in reply to Friday’s massive surge in oil costs, whereas the Egyptian index dropped into red territory after a latest rally.

    Crude costs — a vital trigger of the Gulf’s economic markets — settled up by higher than 5 percent on Friday due to doubts about upcoming interest rate rises by the US Federal Reserve, whereas an approaching EU sanction on Russian oil and the probability of China softening some Coronavirus lockdowns backed markets.

    The Tadawul All Share Index earned 0.7 percent, topped by a 1.6 percent increase in oil giant Saudi Aramco as well as a 0.5 percent jump in Al Rajhi Bank.

    Saudi Arabian Mining Co. rose to stood at 1.5 percent.

    The nation is bearing in mind planning an additional metals and mining share trade index as it seeks to growth in its resources area to expand away from hydrocarbons, a senior government official stated.

    MENAFN07112022000045014228ID1105140710

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