Saudi Arabia’s stock market ended higher on Sunday, snapping a three-day losing streak, in response to Friday’s rise in oil prices .
Oil prices - a catalyst for the Gulf’s financial markets - gained on Friday but retreated from session highs after U.S. President Donald Trump threatened sanctions on Russia if it fails to reach a cease-fire with Ukraine.
Saudi Arabia’s benchmark index added 0.2%, helped by a 1.5% rebound in oil behemoth Saudi Aramco.
Aramco has been falling since Tuesday when the firm reported a drop in annual profit and signalled it will slash its dividend payouts by nearly a third this year to $85.4 billion.
UAE stocks decline over tariff uncertainty
Meanwhile, the kingdom’s economy grew 1.3% year-on-year in the fourth quarter of 2024, preliminary government data showed on Sunday, supported by increased non-oil and government activities.
In Qatar, the index added 0.1%, with Qatar Islamic Bank gaining 0.5%.
Outside the Gulf, Egypt’s blue-chip index finished 0.6% higher, with EFG Holding advancing 3%.
Analysts and bankers expect foreign investors to extend holdings in Egyptian treasuries, building on last year’s IMF-backed recovery and record UAE investment that stabilized the country’s economy.
SAUDI ARABIA rose 0.2% to 11,837
QATAR added 0.1% to 10,526
EGYPT up 0.6% to 31,131
BAHRAIN eased 0.1% to 1,974
OMAN added 0.6% to 4,420
KUWAIT fell 1.1% to 8,569
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