NEW YORK: Global stocks and the euro rose yesterday after Greece made progress on its debt bailout program, adding to gains driven by ECB plans to help euro zone nations under pressure from bond markets.
The gains followed a strong finish to last week after robust US jobs data on Friday eased concerns about global growth.
Wall Street rose to a three-month high in early afternoon trading, while European shares closed at their highest level in more than four months.
The MSCI World Index, which captures the world's biggest stock markets, was up 0.9 percent to its highest level since early May. The pan-European FTSEurofirst 300 ended up 0.4 percent at 1,085.79.
The Dow Jones Industrial Average gained 72.28 points, or 0.55 percent, at 13,168.45. The Standard & Poor's 500 Index was up 7.38 points, or 0.53 percent, at 1,398.37. The Nasdaq Composite Index was up 29.41 points, or 0.99 percent, at 2,997.31.
The euro last traded 0.2 percent higher at $1.2403, below a one-month peak of $1.2443 hit in Asian trade.
Oil gained in thin, choppy trade, supported by higher equities but buffeted by ongoing turmoil in the Middle East. In New York, crude recovered from early losses and was up 63 cents at $92.03 a barrel.
n FROM: REUTERS
Shares, euro surge on ECB plan hopes
Shares, euro surge on ECB plan hopes
Closing Bell: Saudi main market closes the week in red at 10,526
RIYADH: Saudi equities ended Thursday’s session modestly lower, with the Tadawul All Share Index slipping 14.63 points, or 0.14 percent, to close at 10,526.09.
The MSCI Tadawul 30 Index also declined 3.66 points, or 0.26 percent, to 1,389.66. In contrast, the parallel market outperformed, as Nomu jumped 237.72 points, or 1.02 percent, to close at 23,430.93.
Market breadth on the main market remained tilted to the downside, with 156 stocks ending lower against 99 gainers.
Trading activity eased further, with volumes reaching 80.46 million shares and total traded value amounting to SR1.66 billion ($442 million).
On the movers’ board, Saudi Industrial Export Co. led the gainers, rising 6.6 percent to SR2.10, followed by Consolidated Grunenfelder Saady Holding Co., which advanced 6.43 percent to SR9.60.
Raoom Trading Co. climbed 4.36 percent to SR61.05, while Astra Industrial Group gained 4.35 percent to close at SR139. Riyadh Cables Group Co. added 3.77 percent to end the session at SR135.00.
On the downside, Methanol Chemicals Co. topped the losers’ list, falling 5.96 percent to SR7.41.
Flynas Co. retreated 5.43 percent to SR61.00, while Leejam Sports Co. dropped 5 percent to close at SR100.80.
Alramz Real Estate Co. slipped 4.64 percent to SR55.50, and Almasane Alkobra Mining Co. declined 4.55 percent to SR84.00.
On the announcement front, ACWA Power said it has completed the financial close for the Ras Mohaisen First Water Desalination Co., a reverse osmosis desalination project with a capacity of up to 300,000 cubic meters per day, alongside associated potable water storage facilities totaling 600,000 cubic meters in Saudi Arabia’s Western Province.
The project was financed through a consortium of local and international banks, with total funding of SR2.07 billion and a tenor of up to 29.5 years, while ACWA Power holds an effective 45 percent equity stake.
Shares of ACWA Power ended the session at SR185.90, up SR0.2, or 0.11 percent.
Meanwhile, Consolidated Grunenfelder Saady Holding Co. announced the sign-off of a customized solutions project with Saudi Aramco Nabors Drilling Co., valued at SR166.0 million excluding VAT.
The 24-month contract covers the sale and maintenance of field camp facilities, with the financial impact expected to begin from the first quarter of 2026.
