#Saudi bourse ends 4-day winning streak on weak oil; Egypt hits record high | Reuters
Saudi bourse ends 4-day winning streak on weak oil; Egypt hits record high | Reuters
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 (.TASI), opens new tab eased 0.1%, dragged lower by a 0.6% fall in Al Rajhi Bank (1120.SE), opens new tab and a 0.6% decrease in oil major Saudi Aramco (2222.SE), opens new tab.
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% after the IEA forecast a growing glut and U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet again to discuss Ukraine.
In Qatar, the index (.QSI), opens new tab fell 0.1%, with Qatar Islamic Bank (QISB.QA), opens new tab losing 1%.
Outside the Gulf, Egypt’s blue-chip index (.EGX30), opens new tab advanced 0.6%, led by a 5.1% gain in Egypt Aluminum (EGAL.CA), opens new tab.
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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