The Saudi Arabian stock market ended lower on Sunday ahead of an OPEC+ decision on supply agreements for the second quarter, while the Egyptian index gained, led by a jump in Talaat Mostafa Holding.
OPEC+ will consider extending voluntary oil output cuts into the second quarter, Reuters reported last week citing three OPEC+ sources, to provide additional support for the market, and could keep them in place until the end of the year, according to two of them.
Saudi Arabia’s benchmark index dropped 0.6%, hit by a 1.5% fall in Al Rajhi Bank and a 1.2% decline in the biggest lender, Saudi National Bank.
UAE markets advance as oil prices gain
Among other losers, telecoms firm Zain Saudi slid 6.3%, despite reporting a rise in annual profit.
However, Avalon Pharma advanced 7.6%, rising for a fourth-consecutive session since its debut.
The Qatari benchmark eased 0.1%.
Outside the Gulf, Egypt’s blue-chip index gained 0.3%, buoyed by a 8.8% rise in Talaat Mostafa Holding after its unit completed procedures to acquire 51% of Legacy Hospitality.
Egypt received $5 billion as a first tranche in the Ras al-Hikma property development deal signed with United Arab Emirates and will receive a second $5 billion tranche on Friday, Egyptian Prime Minister Mostafa Madbouly said on Thursday.
SAUDI ARABIA fell 0.6% to 12,555
QATAR dropped 0.1% to 10,475
EGYPT rose 0.3% to 29,058
BAHRAIN added 0.2% to 2,009
OMAN gained 1.4% to 4,620
KUWAIT dropped0.6% to 6,269
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