Stocks closed lower across the Gulf on Sunday with markets overshadowed by a fall in oil prices. Saudi stocks eked out some early gains then went into reverse, closing 0.1 percent lower. Al Rajhi Bank initially rose after posting an increase in profits last week but ended up with a 1.32 percent decline on the day.
Oil prices fell 3 percent on Friday, hitting sentiment across the region, after US President Donald Trump again pressured the Organization of the Petroleum Exporting Countries to raise crude production to ease gasoline prices. Saudi Arabia's Samba Financial Group ended 1.6 percent lower, as the market digested its announcement last week of a 7.4 percent fall in profits, worse than analysts' estimates.
Riyad Bank managed to hold onto gains, adding 2.4 percent on its strong results last week. Saudi Basic Industries Corp (SABIC) was up 0.5 percent despite reporting a 38 percent drop in first-quarter net profits, below analyst expectations.
Sabic has seen some selling this month after Saudi oil giant Aramco agreed to buy a 70 percent stake in it from the Public Investment Fund at a slight discount to the market rate in March. Dubai's stock index was 0.42 percent lower, weighed down by a 1 percent fall in Emaar Properties. Dubai Investments fell 5.4 percent, extending a slump after going ex-dividend last week.
Abu Dhabi stocks were 0.21 percent lower as First Abu Dhabi Bank fell 0.36 percent. Qatar's stock exchange was down 0.42 percent, pulled down by a 1.1 percent fall in Qatar National Bank. Kuwaiti stocks dipped 1.35 percent. Boubyan Bank was down 4.8 percent and other banks also traded lower. Egypt's stock market was closed for a public holiday.
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