The Tadawul All Share Index in Saudi Arabia rose by 0.44 percent, while the Nomu parallel market saw an increase of 1.77 percent, and the MSCI Index climbed by 0.86 percent.
Saudi Arabia's stock market ended higher due to an increase in oil prices, but gains were limited as investors awaited further interest rate insight from the U.S. Federal Reserve.
Saudi Arabia's Tadawul All Share Index has shown resilience by edging up 0.34 percent, with a total trading turnover of $1.34 billion and a mix of stock performances.
Saudi Arabia's Tadawul All Share Index has experienced a significant decline due to poor performance from larger listed companies in sectors such as banking, energy, and materials, while stocks outside of these sectors have boosted the index; however, analysts believe the market to be fundamentally strong and see selloffs as buying opportunities due to transformative reforms and incentives implemented by Saudi Arabia under the Vision 2030 program.
Saudi Arabia experienced a sharp decline in its foreign reserves, with a drop of over $16 billion last month, marking the largest decrease since the negative oil prices during the pandemic as the country invested in US stocks using its savings.
Kuwait has appointed Fahd Al-Jarallah as the new finance minister, replacing Manaf Al Hajeri who resigned in July, while Saudi Arabia's Tadawul All Share Index closed 35.42 points lower on Sunday, and Saudi Arabia has exempted micro and small businesses with annual revenues below $2.7 million from auditor's requirements to support entrepreneurship in the country. In other news, Oman's refineries and petroleum industries reported a 13.5% growth in July, and Jeddah will host an event and conference on elevators and escalator technologies in September, contributing to the growth of the vertical transportation industry in Saudi Arabia. Additionally, Qatar's tourism sector continues to thrive, with a 91.4% year-on-year increase in visitors in July, and container shipments handled by Qatari ports saw a 19% surge in August.
Stock market indexes experienced losses as small caps led the selling, while oil stocks rose due to Saudi Arabia and Russia extending their oil production cuts, and other notable stock movements included PulteGroup and Airbnb surging, Blackstone being added to the S&P 500, Brady stock surging after better-than-expected earnings, and Sprinklr, Tesla, America's Car-Mart, NextGen Healthcare, Oracle, Li Auto, and Trip.com experiencing various ups and downs.
The Dow Jones Industrial Average fell, while AI stock Microsoft jumped, oil stocks rose as Saudi Arabia and Russia extended production cuts, and several Warren Buffett stocks are near entry points.
U.S. stocks slipped as worrying data out of China and a spike in oil prices following the extension of Saudi Arabian production cuts weighed on the market. The Dow Jones Industrial Average fell 0.6%, while the S&P 500 lost 0.4% and the Nasdaq dipped 0.1%.
Most stock markets in the Gulf ended lower on Sunday due to profit-taking, except for the Egyptian index which reached a record high. Saudi Arabia's benchmark index dropped, highlighting the risk of economic contraction for the kingdom, while Egypt's blue-chip index gained, led by Beltone Financial Holding. UAE's Global Investment Holding also agreed to buy a stake in Egypt's main tobacco products maker.
The Tadawul All Share Index in Saudi Arabia ended Monday's trading session with a decline of 0.61%.
