Key Points
- Saudi Arabia’s benchmark index rose 0.86%, supported by Al Taiseer Group (0.74%), Al Rajhi Bank (1.87%), and Saudi Aramco (0.36%)
- OPEC+ is considering delaying its planned oil production hike for January 2025, with further discussions set for December 5.
- Egypt’s blue-chip index gained 0.7%, led by Eastern Company (+2.9%). In October, Egypt’s M2 money supply grew 29.54% year-on-year, reaching 11.24 trillion Egyptian pounds.
- Diverging performances reflect varied economic drivers, with oil and monetary policies influencing investor sentiment.
Saudi Arabia’s stock market closed higher on Sunday, extending gains from the previous session after recovering from a near four-month low. The Tadawul All-Share Index rose by 0.86% or 100.43 to 11,741.74, driven by strong performances in key sectors.
Aluminium products manufacturer Al Taiseer Group increased by 0.74% or 0.40 to 54.70 SAR, while Al Rajhi Bank, one of the country’s largest financial institutions, advanced by 1.87% or 1.70 to 92.80 SAR. Saudi Aramco, the state-backed oil giant, gained 0.36% or 0.10 to 27.55 SAR as investors monitored developments ahead of an OPEC+ meeting scheduled for December 5.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) are reportedly considering delaying their planned oil production hike for January 2025. Market participants anticipate the decision will influence oil prices and, by extension, the energy-dependent Saudi economy.
Egypt’s monetary indicators also attracted attention. In October, the country’s M2 money supply—representing cash, deposits, and other liquid assets—increased by 29.54% year-on-year. The central bank reported that the money supply reached 11.24 trillion Egyptian pounds ($226.84 billion), a significant jump from 8.68 trillion pounds in the same period last year.
This surge in money supply underscores Egypt’s challenges in managing liquidity amid ongoing economic pressures. Investors remain watchful of fiscal and monetary policies to stabilize the nation’s economy. The mixed performances across Gulf and North African markets reflect differing economic drivers and regional dynamics, with oil production decisions and monetary trends playing critical roles in shaping investor behavior.
