On December 1, 2024, Saudi Arabia's stock market closed higher, with the benchmark index rising by 0.9% to 11,742 points. This increase follows a rebound from a near four-month low in the previous session. Key contributors to this rise included Al Taiseer Group, which gained 0.7%, and Al Rajhi Bank, which saw an increase of 1.9%. Additionally, oil giant Saudi Aramco added 0.4% as discussions within OPEC+ regarding potential adjustments to oil output continue.
OPEC+ is reportedly considering postponing its planned oil output increase, initially set to commence in January, to the first quarter of 2025. Further discussions on this and related options are scheduled ahead of the delayed policy meeting on December 5.
In Qatar, the stock index experienced a slight decline of 0.2%, influenced by a 1% drop in the shares of petrochemical manufacturer Industries Qatar and a 0.8% decrease in Qatar Islamic Bank. Conversely, Egypt's blue-chip index rose by 0.7%, primarily driven by a 2.9% increase in the Eastern Company, a tobacco monopoly.
Economic data from Egypt highlighted a significant increase in the M2 money supply, which rose by 29.54% year-on-year in October, reaching 11.24 trillion Egyptian pounds (approximately $226.84 billion), compared to 8.68 trillion pounds in the same month last year.