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DUBAI: Saudi Arabia’s stock market rose on Sunday, in response to higher crude oil prices late last week, while the Qatari index extended loses on profit taking. Saudi Arabia’s benchmark index gained 0.5%, rising for a ninth session in ten, led by a 3.6% jump in Islamic lender Al Rajhi Bank.

Brent futures settled up $2.92, or 2.68%, at $111.70 a barrel on Thursday ahead of a long weekend on news that the European Union might phase in a ban on Russian oil imports.

Also, ratings agency Fitch revised its outlook on Saudi Arabia to “positive” from “stable” on Thursday, citing improvements in the country’s sovereign balance sheet given higher oil revenues.

The kingdom expects to post its first budget surplus in nearly a decade this year by keeping a tight rein on spending while revenues roll in, boosted by higher crude prices, Finance Minister Mohammed al-Jadaan said in December.

In Qatar, the index dropped 0.9%, extending losses from the previous session after a record high touched last week sparked profit taking.

Qatar Islamic Bank retreated 2.5%, while Qatar National Bank finished 2.1% lower.

Outside the Gulf, Egypt’s blue-chip index edged up 0.3%, helped by a 1.9% rise in top lender Commercial International Bank following a rise in first-quarter profit.

Elsewhere, EFG Hermes rebounded 1.6%.

The Egyptian investment bank plunged by around a fifth in the previous session, its biggest fall in about 16 years, after First Abu Dhabi Bank (FAAB) withdrew its offer for a controlling stake.

FAB, the United Arab Emirates’ biggest lender, cited global market uncertainty and volatile macro-economic conditions for the withdrawal.

Abu Qir Fertilizers and Chemical Industries fell more than 2% after the firm revised its annual dividend to one Egyptian pound ($0.0544) from 2 earlier.

SAUDI ARABIA rose 0.5% to 13,682

QATAR lost 0.9% to 13,995

EGYPT up 0.3% to 10,708

BAHRAIN was flat at 2,102

OMAN rose 0.5% to 4,258

KUWAIT eased 0.1% to 9,168.

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