AGL 37.80 Decreased By ▼ -0.35 (-0.92%)
AIRLINK 128.50 Increased By ▲ 3.43 (2.74%)
BOP 7.23 Increased By ▲ 0.38 (5.55%)
CNERGY 4.56 Increased By ▲ 0.11 (2.47%)
DCL 8.26 Increased By ▲ 0.35 (4.42%)
DFML 38.61 Increased By ▲ 1.27 (3.4%)
DGKC 79.99 Increased By ▲ 2.22 (2.85%)
FCCL 32.00 Increased By ▲ 1.42 (4.64%)
FFBL 73.30 Increased By ▲ 4.44 (6.45%)
FFL 12.30 Increased By ▲ 0.44 (3.71%)
HUBC 109.30 Increased By ▲ 4.80 (4.59%)
HUMNL 14.08 Increased By ▲ 0.59 (4.37%)
KEL 4.97 Increased By ▲ 0.32 (6.88%)
KOSM 7.42 Increased By ▲ 0.25 (3.49%)
MLCF 37.94 Increased By ▲ 1.50 (4.12%)
NBP 70.13 Increased By ▲ 4.21 (6.39%)
OGDC 187.65 Increased By ▲ 8.12 (4.52%)
PAEL 25.05 Increased By ▲ 0.62 (2.54%)
PIBTL 7.41 Increased By ▲ 0.26 (3.64%)
PPL 150.60 Increased By ▲ 6.90 (4.8%)
PRL 25.15 Increased By ▲ 0.83 (3.41%)
PTC 17.05 Increased By ▲ 0.65 (3.96%)
SEARL 81.25 Increased By ▲ 2.68 (3.41%)
TELE 7.50 Increased By ▲ 0.28 (3.88%)
TOMCL 32.55 Increased By ▲ 0.58 (1.81%)
TPLP 8.45 Increased By ▲ 0.32 (3.94%)
TREET 16.40 Increased By ▲ 0.27 (1.67%)
TRG 56.40 Increased By ▲ 1.74 (3.18%)
UNITY 27.75 Increased By ▲ 0.25 (0.91%)
WTL 1.35 Increased By ▲ 0.06 (4.65%)
BR100 10,448 Increased By 358.7 (3.55%)
BR30 30,780 Increased By 1271.2 (4.31%)
KSE100 97,764 Increased By 3189.4 (3.37%)
KSE30 30,476 Increased By 1031.5 (3.5%)

DUBAI: Saudi Arabia’s stock market ended lower on Sunday, ending three sessions of gains, in response to Friday’s fall in oil prices and global shares.

Oil - a key catalyst for the Gulf’s financial markets - fell by more than $2 per barrel on Friday, swept up in a wider rout in global equities on fears of a looming recession, after central banks across Europe and North America signalled they will continue to battle inflation aggressively.

Saudi Arabia’s benchmark index dropped 0.4%, snapping a three-day winning streak, hit by a 2.5% fall in Riyad Bank.

Elsewhere, oil giant Saudi Aramco retreated 0.6%.

Saudi Basic Industries Corporation (SABIC) on Sunday announced signing of a memorandum of understanding with Aramco and China Petroleum & Chemical Corporation to study the economic and technical feasibility of developing a new petrochemical complex to be integrated with an existing refinery in Yanbu, Saudi Arabia.

However, shares of SABIC were up 0.7%.

On Friday, MSCI’s world stock index lost 1.1% and touched its lowest level in over a month, as a hawkish tone from central bankers and weak data stoked recession fears.

The Fed was one of a slew of central banks that jacked up interest rates and signalled that the fight to tame inflation this week was mounting

Most Gulf Cooperation Council countries, including Saudi Arabia, have their currencies pegged to the US dollar and follow the Fed’s policy moves closely. Outside the Gulf, Egypt’s blue-chip index declined 2$, extending losses from the previous session when it retreated from over four-year highs.

Comments

Comments are closed.