Saudi shares fall after OPEC+ output deal falters

Saudi Arabia's stock market closed lower on Sunday following eight winning sessions as investors paused after OPEC and other oil producing countries struggled to finalise a record deal to cut output and support crude prices.

Saudi's benchmark index fell 2%, weighed down by index heavyweight Saudi Aramco down 1.3%, Al Rajhi Bank down 1.6% and a 3.4% drop in petrochemicals maker Saudi Basic Industries.

Shares in the United Arab Emirates, where the indexes last week saw their biggest weekly percentage gains in years, rose further as investors continued bargain buying.

Dubai's main share index rose 4.2% with Emirates NBD Bank up 4.8% and Emaar Properties closing 5.5% higher. In Abu Dhabi, the index added 2.1% as First Abu Dhabi Bank rose 3.3% and Abu Dhabi Commercial Bank surged 9.3%.

On Sunday, the United Arab Emirates Ministry of Economy said it was cutting fees for 94 of its services to reduce the cost of business and support the economy amid the coronavirus outbreak.

The Qatari index declined 1% led by a 1.4% fall in Qatar National Bank. In after-hours trading, the Gulf's largest lender reported a first-quarter net profit of 3.6 billion riyals ($989 million), steady from a year earlier despite taking higher provisions.

Kuwait's index ended up 1.5% with most stocks gaining following a 3.4% slide in the previous session. MSCI postponed adding Kuwaiti stocks to its Emerging Markets Index from May to November due to the coronavirus outbreak, state news agency KUNA said on Thursday, citing the Capital Markets Authority.

Outside the Gulf, Egypt's blue-chip index slipped 0.8%, hurt by a 0.8% fall in top lender Commercial International Bank.