DUBAI: Stock markets in the Gulf ended mixed on Sunday following an easing in crude prices on Friday while anticipation of a US Federal Reserve rate cut next month underpinned sentiment.
Crude futures fell marginally on Friday as investors considered oil’s geopolitical risk premium amid drawn-out Russia-Ukraine peace talks. OPEC+ will likely leave oil output levels unchanged at its meetings on Sunday, four OPEC+ sources said as the producer group slows down its push to regain market share amid fears of asupply glut.
Saudi Arabia’s benchmark share index slipped 0.5 percent, with Saudi Arabian Mining Company losing 2.2 percent and oil giant Saudi Aramco down 0.4 percent. Saudi Arabia, the world’s biggest oil exporter, is expected to lower its January crude price for Asian buyers for a second month to its lowest in five years, under pressure from ample supplies and the surplus outlook, sources told Reuters on Friday.
In Qatar, the main share index eased 0.3 percent, with Qatar National Bank, the Gulf’s biggest lender by assets, down 1.1 percent.
Outside the Gulf, Egypt’s blue-chip index advanced 1.7 percent, with Talaat Moustafa Group Holding jumping 6.2 percent.
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