DUBAI: Saudi Arabia’s stock market eased on Sunday as investors booked profits following recent gains, while the Qatari bourse advanced as the Gulf state plans to further expand gas production.
Saudi Arabia’s benchmark index fell 0.2%, snapping a 15-day winning streak, with Al Rajhi Bank losing 0.9% and the country’s biggest lender Saudi National Bank down 0.9%.
Separately, an additional 15 trillion standard cubic feet of gas have been proven at Saudi state oil company Aramco’s Jafurah field, Energy Minister Prince Abdulaziz bin Salman said on Sunday.
Shares of Aramco were down 0.2%.
The Qatari benchmark gained 1%, as most of its constituents were in positive territory including Gulf International Services, which jumped 7.5%.
Qatar - among the world’s top liquefied natural gas exporters - will further raise gas production despite a steep drop in global prices, pushing ahead with plans to extract more of the resource amidst fierce competition with rivals such as the United States.
QatarEnergy chief Saad al-Kaabi announced on Sunday a new expansion of its LNG production that will add 16 million tonnes per annum (mtpa) to existing expansion plans, bringing total capacity to 142 mtpa.
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