DUBAI: 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.
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.
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