Gulf markets in the red on falling oil prices

DUBAI: Stock markets in the Gulf ended lower on Sunday in response to Friday’s fall in oil prices, although the Saudi index bucked the trend to trade higher.

Oil - a catalyst for the Gulf’s financial markets - fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium.

In Qatar, the index dropped 0.7%, weighed down by a 1.5% fall in Qatar Islamic Bank and a 1.5% decrease in petrochemical maker Industries Qatar.

Outside the Gulf, Egypt’s blue-chip index declined 0.8%, with top lender Commercial International Bank losing 2%. Saudi Arabia’s benchmark index edged 0.1% higher, ending two sessions of losses, helped by a 1.2% rise in Elm Company.