2023-11-26 13:40:22
Gulf stock markets ended lower on Sunday in response to Friday’s drop in oil prices, although the Saudi index followed the trend to trade higher.
Oil – a catalyst for Gulf financial markets – fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium.
In Qatar, the index fell 0.7%, weighed down by a 1.5% drop in Qatar Islamic Bank and a 1.5% drop in petrochemicals maker Qatar Industries.
Outside the Gulf, Egypt’s flagship index fell 0.8%, with the main lender, Commercial International Bank, losing 2%.
Saudi Arabia’s benchmark index edged up 0.1%, ending two sessions of losses, helped by a 1.2% rise in Elm Company.
OPEC+ has moved closer to a compromise with African oil producers on production levels for 2024, four OPEC+ sources told Archyde.com, following disagreements over those targets forced the group of producing nations oil company to postpone a key meeting.
The market is also waiting to see whether Saudi Arabia extends its voluntary production cut of 1 million barrels per day (bpd), which is set to expire at the end of December.
SAUDI ARABIA rose 0.1% to 11,090.
QATAR fell 0.7% to 10,137
EGYPT lost 0.8% to 25,300
BAHRAIN fell 0.1% to 1,951
OMAN rose 0.2% to 4,628
KUWAIT rose 0.1% to 7,320
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