DUBAI: Saudi Arabian shares edged down on Sunday, snapping five straight sessions of gains, following Friday’s fall in crude oil prices, although the Qatari index extended its gains.
US crude prices settled below $95 a barrel for the first time since April in choppy trading on Friday, after the European Union said it would allow Russian state-owned companies to ship oil to third countries under an adjustment to its sanctions agreed by member states this week.
Saudi Arabia’s benchmark index ended 0.1% lower, hit by a 1% fall in Retal Urban Development Co and a 0.8% decrease in Arab National Bank.
In Qatar, the Index added 0.3%, extending gains for a fifth session, helped by a 3.4% jump in Qatar International Islamic Bank Outside the Gulf, Egypt’s blue-chip index fell 0.2%, ending a seven-day winning streak, with top lender Commercial International Bank losing 1.9%.
Egypt’s economy is expected to grow steadily over the coming three years, with inflation gradually declining from double digits and the pound weakening in the near-term, a Reuters poll showed.
SAUDI ARABIA eased 0.1% to 11,975
QATAR gained 0.3% to 12,751
EGYPT lost 0.2% to 9,276
BAHRAIN was up 0.7% to 1,887
OMAN rose 0.6% to 4,318
KUWAIT fell 0.3% to 8,547.
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