Saudi bourse falls on oil; Qatar gains

Saudi Arabia’s stock market ended slightly lower on Sunday after a fall in oil prices at the end of last week, while...
10 Nov, 2024

Saudi Arabia’s stock market ended slightly lower on Sunday after a fall in oil prices at the end of last week, while banking shares helped lift Qatar’s benchmark index.

Saudi Arabia’s benchmark index fell 0.2% in a choppy trade, hit by a 4.6% fall in ACWA Power Company and a 3.3% decline in Saudi Arabian Mining Co.

Oil prices - a catalyst for the Gulf’s financial markets - settled more than 2% lower on Friday as traders grew less fearful of prolonged supply disruptions from a hurricane in the U.S. Gulf of Mexico, while China’s latest economic stimulus packages failed to impress some oil traders.

Most Gulf markets fall as OPEC+ delays oil output hike

Deflationary pressures in the Chinese economy have been a heavy drag on oil prices this year, with customs data showing a sixth consecutive month of year-over-year declines in the country’s crude oil imports for October.

Separately, the general chief of staff of Saudi Arabia’s armed forces, Fayyad al-Ruwaili, will visit Tehran on Sunday to meet with his Iranian counterpart and discuss defence ties, Iran’s state media reported the Iranian Armed Forces General Staff as saying.

The Qatari index - which resumed trading following a two day break - gained 0.5%, with Qatar Islamic Bank advancing 1.1% and the Gulf’s biggest lender Qatar National Bank was up 0.4%.

Outside the Gulf, Egypt’s blue-chip index added 0.4%, with top lender Commercial International Bank rising 1.4%.

SAUDI ARABIA fell 0.2% to 12,103

QATAR gained 0.7% to 10,118

EGYPT rose 0.4% to 31,394

BAHRAIN eased 0.2% to 2,027

OMAN rose 0.2% to 4,714

KUWAIT added 0.4% to 7,735

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