On Sunday, huge stock market ended high priced in Gulf. As investors condoned the Jamming of Swiz Canal in the hope of recovery of Global Economy. On the other hand on Friday, oil prices increased by 4% for the fact that there might cause a havoc in the global distribution of crude and refined products for some days. However workers are trying to force out the crafts, occluding the Suez Canal.
Gulf Market Stock Update:
- Saudi Arabia rose it’s benchmark index by 0.7%, whereas Saudi Basic Industries making Petrochemical ascended to 1.9% along with Saudi Telecom Company slaming 2.3% higher.
- The center share index in Dubai closed 0.2% higher followed by the extension of it’s largest lender Emirates NBD by 0.9% along with DAMAC Properties by 2.7%.
- Also, Abu Dhabi adjoined 2.5% to it’s index which resulted in the 14.5% benefits of International Holding Company.
- Qatar also increased it’s benchmark index by 0.2% followed by petrochemical firm Industries Qatar with the rise of 1.4%.
- As if now the International Holding have gained up till 40%.
Anyhow, on Sunday, The recovery team of Suez Canal put all their efforts in forcing out the huge container ship which caused the blockage of busy waterways. However on one side where the team tried doing so by dredging and tugging then on the other hand according to the other two sources the rock stuck below the ship’s bow is creating more complications in all the efforts of dislodging it.
However the S&P Global which is the Rating Agency rated Saudi Arabia with A-/A-2 ratings predicting that Saudi Arabia will bonce back eith positive Economic Growth this year.
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