DUBAI: Saudi Arabia’s stock market ended lower on Sunday, extending losses for a fourth session, amid disappointing corporate earnings, while Egypt’s stock index was buoyed by upbeat company results.
Saudi Arabia’s benchmark index fell 0.6%, hit by a 0.4% drop in Al Rajhi Bank and a 3.4% decrease in Riyad Bank.
Elsewhere, Saudi Tadawul Group eased 0.5%, after the operator of Saudi Arabia’s stock exchange missed analysts’ estimates on annual profit.
Meanwhile, oil prices fell on Friday as markets watched an Oval Office argument between the US and Ukrainian presidents while also bracing for Washington’s new tariffs and Iraq’s decision to resume oil exports from the Kurdistan region.
Outside the Gulf, Egypt’s blue-chip index gained 0.8%, snapping a four-day losing streak. Commercial International Bank rose 1.1%, while Fawry for Banking Technology and Electronic Payment jumped 4.4%, following a rise in 2024 profit.
Among other gainers, E-Finance for Digital and Financial Investments finished 2.7% higher, as the payments company reported a steep rise in fourth-quarter profit. Egypt’s M2 money supply was up by 32.1% year-on-year in January, central bank data showed.
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