DUBAI: Stock markets in the Gulf were mixed on Sunday, with the Saudi index falling on soft oil prices and lackluster earnings, while the Egyptian index rose to a new peak.
Saudi Arabia’s benchmark index dropped 0.5 percent, hit by a 4.6 percent plunge in Umm Al Qura For Development and Construction Co - falling for a fourth consecutive session.
Elsewhere, oil giant Saudi Aramco dropped 0.5 percent, while Saudi Telecom Company lost 0.7 percent, as the stock traded ex-dividend.
Among other decliners, Saudi Research and Media Group retreated 5.1 percent after posting a third-quarter loss.
On Friday, crude prices recovered from a midday dip on hopes Hungary can use Russian crude oil as Trump met Hungary’s Prime Minister Viktor Orban at the White House.
Brent rose 25 cents to settle at USD63.63. In Qatar, the index eased 0.1 percent, with Qatar Islamic Bank losing 0.4 percent.
Outside the Gulf, Egypt’s blue-chip index advanced 2.2 percent - hitting a record high - as most of its constituents were in positive territory including Commercial International Bank, which was up 2.3 percent.
Egypt and Qatar signed a partnership deal on Thursday to develop a luxury real estate and tourism project on Egypt’s Mediterranean coast, part of Doha’s USD7.5 billion investment pledge to Cairo.
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