DUBAI: Most stock markets in the Gulf ended lower on Monday, tracking a fall in oil and global shares, while the Egyptian index extended gains from the previous session.
Oil prices - a key catalyst for the Gulf’s financial markets - edged lower following a protracted rally, but retained support from pledges by top producers Saudi Arabia and Russia to extend supply cuts through September.
Saudi Arabia’s benchmark share index gave up early gains to close down 0.7%, extending losses for a sixth consecutive session.
However, the losses were limited by a 1.1% rise in oil giant Saudi Aramco.
Aramco reported a net profit of 112.81 billion riyals ($30.07 billion) for the second quarter, beating a company-provided median estimate from 15 analysts of $29.8 billion.
The group declared a base dividend of just over $19.51 billion for the second quarter, roughly in line with its payout for the first quarter.
It also said it will begin paying performance-linked dividends for six quarters, starting with a $9.87 billion payout in the third quarter.
The Saudi stock market recorded strong price swings as traders reacted to mitigated earnings reports from Saudi companies, said Milad Azar, market analyst at XTB MENA. Azar.
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