Saudi Arabia’s stock market eased on Sunday as investors booked profits following recent gains, while the Qatari bourse advanced as the Gulf state plans to further expand gas production.
Saudi Arabia’s benchmark index fell 0.2%, snapping a 15-day winning streak, with Al Rajhi Bank losing 0.9% and the country’s biggest lender Saudi National Bank down 0.9%.
Separately, an additional 15 trillion standard cubic feet of gas have been proven at Saudi state oil company Aramco’s Jafurah field, Energy Minister Prince Abdulaziz bin Salman said on Sunday.
UAE stock markets fall on weak oil prices
Shares of Aramco were down 0.2%.
The Qatari benchmark gained 1%, as most of its constituents were in positive territory including Gulf International Services, which jumped 7.5%.
Qatar - among the world’s top liquefied natural gas exporters - will further raise gas production despite a steep drop in global prices, pushing ahead with plans to extract more of the resource amidst fierce competition with rivals such as the United States.
QatarEnergy chief Saad al-Kaabi announced on Sunday a new expansion of its LNG production that will add 16 million tonnes per annum (mtpa) to existing expansion plans, bringing total capacity to 142 mtpa. Outside the Gulf, Egypt’s blue-chip index declined 5%, retreating from record highs it touched last week.
However, Talaat Mostafa Holding surged 20%, following an agreement with ADQ and Modon properties to collaborate on development of the Ras El-Hekma project along Egypt’s Mediterranean coast.
Egypt said on Friday it had signed a deal with the United Arab Emirates to develop a prime stretch of its Mediterranean coast that would bring $35 billion of investments to the indebted country over the next two months.
The deal with ADQ could eventually attract as much as $150 billion in investments, Egyptian Prime Minister Mostafa Madbouly told a press conference.
SAUDI ARABIA fell 0.2% to 12,605
QATAR advanced 1% to 10,410
EGYPT dropped 5% to 27,841
BAHRAIN added 0.1% to 2,051
OMAN rose 0.2% to 4,578
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