Business
Saudi bourse extends losses on profit-taking; Qatar edges higher
Saudi bourse extends losses on profit-taking; Qatar edges higher
About this update from Al Rajhi Bank
By Ateeq Shariff Saudi Arabian stock market nudged lower on Sunday, following losses from the prior session as investors harvested profits after a dynamic rally, spurred by anticipated reforms in foreign ownership policies, while the Qatari index ended higher.Saudi Arabia's benchmark index TADAWUL:TASI fell 0.7%, dragged down by a 3.2% fall in Al Rajhi Bank TADAWUL:1120 and a 3% decline in Saudi National Bank TADAWUL:1180.On Wednesday, the Saudi bourse soared 5.1%, marking its largest single-day gain in over five years, driven by broad-based strength following a Bloomberg News report that regulators may relax the 49% foreign ownership cap on listed companies, a move anticipated to attract significant new foreign investment to the region's leading equity market.In Qatar, the index QSE:GNRI added 0.2%, helped by a 1.3% rise in Qatar Islamic Bank QSE:QIBK.Oil prices - a catalyst for the Gulf's financial markets - rose on Friday as Ukraine's drone attacks on Russia's energy infrastructure cut the country's fuel exports.Outside the Gulf, Egypt's blue-chip index EGX:EGX30 advanced 1.4%, led by a 1.9% rise in Commercial International Bank EGX:COMI, after the lender's shareholders approved using part of the general reserve to boost the issued and paid-in capital by EGP 3.07 billion ($63.83 million).Saudi ArabiaTADAWUL:TASI fell 0.7% to 11,230QatarQSE:GNRI gained 0.2% to 10,978EgyptEGX:EGX30 rose 1.4% to 36,166BahrainBAHRAIN:BHBX eased 0.1% to 1,950Oman(.MSX30) added 0.8% to 5,159Kuwait(.BKP) lost 0.3% to 9,334($1 = 48.1000 Egyptian pounds)