Major Gulf bourses end lower on falling oil prices

Major stock markets in the Gulf ended lower on Sunday in response to falling oil prices and weaker-than-expected Chinese economic data.

Oil prices - a key catalyst for the Gulf’s financial markets - tumbled more than a dollar a barrel on Friday to record a second straight weekly decline as disappointing Chinese data added to doubts about demand growth after Saudi Arabia’s weekend decision to cut output.

The Qatari Stock index dropped 0.5%, extending its losses to a second session.

The index recorded a drop in all sectors with Gulf’s biggest lender Qatar National Bank falling 0.6% and Qatar International Islamic Bank shedding 0.7%.

Saudi Arabia’s benchmark index fell marginally, ending its six-session winning streak. Losses in the energy and utilities sectors outweighed gains in most of the sectors.

Bank Aljazira climbed 3.6% and Saudi Industrial Investment Group gained 3.4%.

However, the oil giant Saudi Aramco and the kingdom’s biggest bank Saudi National Bank lost 0.3% and 0.9% respectively.

Outside the Gulf, Egypt’s blue-chip index climbed 1.3%, extending its previous session gains.

Major Gulf bourses track Asian shares, oil prices lower

The index was lifted up by a 6.2% jump in Fawry Banking and 7% rise in Misr Fertilizers Production.

Separately, Egypt’s annual urban consumer inflation rate in May accelerated to 32.7% from 30.6% in April, approaching an all-time record and higher than analysts had expected.