Business
Saudi bourse ends 4-day winning streak on weak oil; Egypt hits record high
Saudi bourse ends 4-day winning streak on weak oil; Egypt hits record high
About this update from Al Rajhi Bank
By Ateeq Shariff Saudi Arabia's stock market closed lower on Sunday, snapping a four-session winning streak due to soft oil prices, while Egypt's index reached a fresh all-time high.Saudi Arabia's benchmark index TADAWUL:TASI eased 0.1%, dragged lower by a 0.6% fall in Al Rajhi Bank TADAWUL:1120 and a 0.6% decrease in oil major Saudi Aramco TADAWUL:2222.Oil prices - a catalyst for the Gulf's financial markets - managed small gains on Friday but were headed for a weekly loss of nearly 3% after the IEA forecast a growing glut and U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet again to discuss Ukraine.In Qatar, the index QSE:GNRI fell 0.1%, with Qatar Islamic Bank QSE:QIBK losing 1%.Outside the Gulf, Egypt's blue-chip index EGX:EGX30 advanced 0.6%, led by a 5.1% gain in Egypt Aluminum EGX:EGAL.Egypt raised prices on a wide range of fuel products on Friday, the country's official gazette said, marking the second increase this year, in line with government policies to reduce subsidies and ease a budget deficit. Saudi ArabiaTADAWUL:TASI fell 0.1% to 11,691QatarQSE:GNRI eased 0.1% to 10,837EgyptEGX:EGX30 was up 0.6% to 37,910BahrainBAHRAIN:BHBX rose 0.2% to 1,977Oman(.MSX30) gained 0.7% to 5,327Kuwait(.BKP) added 0.4% to 9,452