Saudi actions start positively through 2022 despite COVID cases

January 2 (Reuters) – Saudi stocks started 2022 on a positive note, despite a surge in cases of the Omicron coronavirus variant.

The largest Gulf state, with a population of around 30 million, recorded 1,024 new coronavirus infections and one death on Sunday. Read more

Saudi Arabia’s benchmark index (.TASI) rose 0.5%, with Al-Rajhi Bank (1120.SE) and Alinma Bank (1150.SE) gaining 1% and 3.5% respectively.

In Qatar, the benchmark (.QSI) ended flat as gains in financial stocks limited losses in industrial stocks. Sharia-compliant lender Masraf Al Rayan (MARK.QA) jumped 4.3%, while Industries Qatar (IQCD.QA) was down 1.4%.

Outside the Gulf, the Egyptian blue chip index (.EGX30) fell 0.2%, while the country’s only cigarette maker fell 0.8%.

Cleopatra Hospital Group (CLHO.CA), however, gained 2.6% after MCI Capital Healthcare Partners acquired a 22.99% stake at 5.0 Egyptian pounds ($ 0.3193) per share, valuing the group. at a net worth of 8.0 billion Egyptian pounds.

The index recorded an annual gain of 10.2%.

The UAE market was closed as it moved to a four-and-a-half-day working week with a Saturday-Sunday weekend from early 2022, while other markets were closed for new year holidays.

($ 1 = 15.6600 Egyptian pounds)

Report by Shamsuddin Mohd in Bangalore; Editing by Alexander Smith

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