
Saudi Stock Exchange Closes Lower
The Saudi Stock Exchange's main index ended trading down today, dropping 16.08 points to settle at 12,317.59. The total trading value stood at SAR 6 billion.
Meanwhile, the Saudi Parallel Market Index (NOMU) closed higher, gaining 50.75 points to reach 31,430.32, with a total trading value of SAR 36 million.
More than three million shares were traded in total.
Related Topics :
Saudi Main Index Closes Higher, Gaining 102.61 Points at 12,264
China Reveals Major Moves to Stabilize Property Crisis – Reuters
Saudi Stock Exchange Introduces Single-Stock Options: New Era for Investors
Saudi Arabia's Kingdom Holding Invests in Musk's AI Ambitions
Short link :
Post Views: 21 Related Stories
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Arab News
33 minutes ago
- Arab News
Pakistan set to hold rates as Israel-Iran conflict overshadows growth push
KARACHI: Pakistan's central bank is expected to hold its policy rate on Monday, a Reuters poll showed, as many analysts shifted their previous view of a cut in the wake of Israel's military strike on Iran, citing inflation risks from rising global commodity prices. Israel said on Friday it targeted nuclear facilities, ballistic missile factories and military commanders in a 'preemptive strike' to prevent Tehran from building an atomic weapon. Several brokerages had initially expected a cut but revised their forecasts after the Israeli strikes sparked fears of a broader conflict. The escalating hostilities triggered a sharp spike in oil prices — a worry for Pakistan given the broader impact on imported inflation from a potentially prolonged conflict and tightening of crude supplies. Eleven of 14 respondents in a snap poll expected the State Bank of Pakistan (SBP) to leave the benchmark rate unchanged at 12 percent. Two forecast a 100 basis-point cut and one predicted a 50 bps cut. 'There remains an upside risk of a rise in global commodity prices in light of geopolitical tensions which could mark a return to inflationary pressures,' said Ahmad Mobeen, senior economist at S&P Global Market Intelligence. 'The resultant higher import bill could also threaten external sector performance and bring pressure to the exchange rate.' Inflation in the South Asian country has been declining for several months after it soared to around 40 percent in May 2023. Last month, however, inflation picked up to 3.5 percent, above the finance ministry's projection of up to 2 percent, partly due to the fading of the year-go base effects. The SBP expects average inflation between 5.5 percent and 7.5 percent for the fiscal year ending June. The central bank paused its easing cycle in March after cumulative cuts of 1,000 basis points from a record high of 22 percent, and resumed it with a 100-basis-point reduction in May. The policy meeting follows the release a tight annual budget, which saw Pakistan raise defense spending by 20 percent but overall expenditure was reduced by 7 percent, with GDP growth forecast at 4.2 percent. Pakistan says its $350 billion economy has stabilized under a $7 billion IMF bailout that had helped it staved a default threat. Some analysts are skeptical of the government's ability to reach the growth target amid fiscal and external challenges. Abdul Azeem, head of research at Al Habib Capital Markets, which forecast a 50-bp cut, said a lower rate could 'support the GDP target of 4.2 percent and reduce the debt financing burden.'


Asharq Al-Awsat
6 hours ago
- Asharq Al-Awsat
Dollar and Other Safe Havens Rise as Israel Strikes Iran
The US dollar rallied alongside the safe-haven Japanese yen and Swiss franc, with currency markets abruptly reversing direction on news Israel had launched strikes on Iran. Israel has begun carrying out strikes on Iran, two US officials told Reuters, adding that there was no US assistance or involvement in the operation. Another report suggested that explosions were heard northeast of Iran's capital Tehran. An index that measures the dollar against six other currencies gained 0.4%, and was last at 98.07, in early Asia trading. Against the yen, the dollar slipped 0.35% to 143 per dollar , while the Swiss franc tumbled 0.39% to 0.807 per dollar. Risk-sensitive Asian currencies such as the Aussie dollar and the New Zealand dollar weakened 0.9% each, Reuters reported. Earlier in the week, the dollar index hit multi-year lows as investors were not impressed by a US-China trade truce, while cooler-than-expected inflation data fuelled expectations of more aggressive interest rate cuts by the Federal Reserve. The dollar is on track for weekly declines against the yen, the Swiss franc and the euro. Crude prices jumped more than $4 on the news as investors priced in potential supply disruptions from the oil-rich region, while gold prices climbed 0.8% to their strongest since early May.


Asharq Al-Awsat
16 hours ago
- Asharq Al-Awsat
Dollar Extends Falls after Weaker-than-expected US Producer Prices
The US dollar extended losses against the euro and yen on Thursday after yet another data showing softer-than-expected inflation in the world's largest economy, suggesting the Federal Reserve could increase the pace of its easing cycle. The dollar dropped 0.95% against the yen to 143.29 yen , while the euro surged more than 1% to $1.1624 . US producer prices last month rose just 0.1%, less than the expected 0.2% rise. According to Reuters, the dollar has sunk to its lowest in three years as rapidly changing US trade policy unsettles markets and expectations build for Federal Reserve rate cuts, fuelling outflows from the world's biggest economy. With the dollar down almost 10% against a basket of major currencies this year, other countries around the globe are grappling with unanticipated FX moves that are having a knock-on impact on economic growth and inflation.