Saudi shares up after PMI shows solid growth in May | Reuters

2022-06-07 08:07:36 By : Ms. Yokids Group

An investor monitors a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014./File Photo

June 5 (Reuters) - Saudi Arabia's stock market rose on Sunday after a survey showed that non-oil private sector continued its strong growth in May as demand withstood rising output costs.

The seasonally adjusted S&P Global Saudi Arabia Purchasing Managers' Index (PMI) for the whole economy was steady at 55.7 in May, the same as in April, which was its lowest reading since January and below the series average of 56.8. read more

Employment growth dipped marginally but remained in growth territory, where it has been since April 2021, excluding March this year.

Saudi Arabia's benchmark index (.TASI) rose 0.4% with oil giant Saudi Aramco <2222.SE) advancing 1.1%, while Al Rajhi Bank (1120.SE) was up 0.5%.

Among other stocks, ACWA Power (2082.SE) also jumped 1.3% after saying it signed a 401 million riyal ($106.91 million)contract to develop and operate the 91 MW Layla solar PV project.

In Qatar, the index (.QSI), gained 0.1%, as petrochemical maker Industries Qatar (IQCD.QA) increased 0.7% and Sharia lender Masraf Al Rayan (MARK.QA) was up 0.6%.

Outside the Gulf, Egypt's index (.EGX30) fell 0.2% after a disappointing purchasing managers' survey. The S&P Global Egypt Purchasing Managers' Index strengthened to 47.0 from April's 46.9, but still remained below the 50.0 threshold that separates growth from contraction. read more

The country's non-oil private sector activity contracted for an 18th month in May as the Ukraine crisis, import restrictions and a devalued currency put pressure on prices.

However, Ezz Steel (ESRS.CA), Egypt's largest steel producer, rose 4.6% after reporting its first quarter results.

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Asian refining margins for gasoil, which jumped to their strongest levels on record on Monday, may start cooling off as early as next month as refiners ramp up output, while the upcoming monsoon season could dampen demand, traders and analysts said.

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