Saudi bourse gains, other major Gulf markets ease

Saudi bourse gains, other major Gulf markets ease

Dubai’s main share index added 0.2 per cent, helped by a 0.8 per cent increase in blue-chip developer Emaar Properties

In Abu Dhabi, the main share index was 0.3 per cent down, hit by a 0.4 per cent fall in conglomerate International Holding Company. — File photo

By Reuters Published: Thu 18 Aug 2022, 6:18 PM Last updated: Thu 18 Aug 2022, 6:38 PM

The Saudi bourse’s main index rose to its highest in over two months early on Thursday after the IMF held its 2022 economic growth forecast for the kingdom while other markets in the Gulf eased amid concerns about a potential global recession.

Saudi Arabia’s benchmark index gained 0.3 per cent, reaching its highest since June, with Al Rajhi Bank rising one per cent and Retal Urban Development Co adding 0.7 per cent.

The International Monetary Fund (IMF) on Wednesday maintained its economic growth forecast for Saudi Arabia even as concerns persist that the global economy may heading towards a recession.

Saudi Arabia’s economy was still projected to grow by 7.6 per cent this year, which the IMF said would likely be one of the fastest growth rates in the world, helped by strong oil demand and 4.2 per cent expected growth in