DUBAI: Saudi Arabia’s stock market ended lower on Sunday, extending losses from the previous session on profit-taking, while the Egyptian index ended five sessions of losses.
Saudi Arabia’s benchmark index dropped 0.5%, weighed down by a 2.5% fall in Riyad Bank, while Saudi Awwal Bank retreated 3.8%.
The lender last week reported quarterly net profit of 1.55 billion riyals ($413.28 million), up from 1.08 billion riyals a year ago, but down from the previous quarter.
On the positive side, National Shipping Company of Saudi Arabia advanced more than 4% after posting a sharp rise in second-quarter net profit.
In Qatar, the index gained 0.5%, led by a 2.7% rise in petrochemical maker Industries Qatar.
Oil prices - a key catalyst for the Gulf’s financial markets - rose on Friday and notched a fifth straight week of gains as investors were optimistic that healthy demand and supply cuts will keep prices buoyant.
Outside the Gulf, Egypt’s blue-chip index advanced 1.2%, ending five sessions of losses, with most of the stocks in positive territory including tobacco monopoly Eastern Company , which was up more than 8 percent.
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