DUBAI: Saudi Arabia’s stock market closed lower on Sunday, snapping a four-session winning streak due to soft oil prices, while Egypt’s index reached a fresh all-time high.
Saudi Arabia’s benchmark index eased 0.1 percent, dragged lower by a 0.6 percent fall in Al Rajhi Bank and a 0.6 percent decrease in oil major Saudi Aramco.
Oil prices - a catalyst for the Gulf’s financial markets - managed small gains on Friday but were headed for a weekly loss of nearly 3 percent after the IEA forecast a growing glut and US President Donald Trump and Russian President Vladimir Putin agreed to meet again to discuss Ukraine.
In Qatar, the index fell 0.1 percent, with Qatar Islamic Bank losing 1 percent.
Outside the Gulf, Egypt’s blue-chip index advanced 0.6 percent, led by a 5.1 percent gain in Egypt Aluminum.
Egypt raised prices on a wide range of fuel products on Friday, the country’s official gazette said, marking the second increase this year, in line with government policies to reduce subsidies and ease a budget deficit.
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