Saudi bourse falls on profit taking

DUBAI: Saudi Arabia’s stock market closed lower on Sunday, ending five sessions of gains as investors booked profits, while the Egyptian index extended gains for a second session.

Saudi Arabia’s benchmark index dropped 0.3%, weighed down by a 1.2% fall in Al Rajhi Bank and a 1% decrease in ACWA Power Company.

In Qatar, the index fell 0.9%, with the Gulf’s biggest lender Qatar National Bank losing 1.3% and Qatar Islamic Bank retreating 2.2%.

The Qatari market is awaiting clear directional catalysts, said Samer Hasn, senior market analyst at XS.com.