DUBAI: Saudi Arabia’s stock market fell on Sunday, in response to Friday’s fall in oil prices, while Egypt snapped two sessions of losses. Crude prices settled lower on Friday as members of the International Energy Agency (IEA) agreed to join in the largest-ever release of US oil reserves.
Biden announced a release of 1 million barrels per day (bpd) of crude oil for six months from May, which at 180 million barrels is the largest release ever from the US Strategic Petroleum Reserve (SPR).
In Saudi Arabia, the benchmark index eased 0.1%, hit by a 1.1% fall in the kingdom’s largest lender Saudi National Bank and a 1.5% decrease in Riyad Bank.
Meanwhile, the Saudi-led coalition, which intervened in March 2015 against the Houthi movement that had taken control of much of Yemen, on Friday welcomed a UN-brokered truce in Yemen, saying it would support arrangements to keep the truce, Saudi state TV reported.
The Qatari index fell 0.1%, with petrochemical maker Industries Qatar losing 0.6%.
Outside the Gulf, Egypt’s blue-chip index advanced 2.9%, ending two sessions of losses, buoyed by a 4.1% jump in top lender Commercial International Bank.
Egypt’s M2 money supply was up by 18.41% year-on-year in February, data from the central bank showed on Thursday.
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