Saudi, Egypt tumble as markets reopen after weekend; Qatar edges higher

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Saudi, Egypt tumble as markets reopen after weekend; Qatar edges higher

On Sunday, major Gulf bourses had winded up the session mostly in red inks as Saudi’s benchmark index tumbled for a second consecutive session with lenders and petrochemical shares bearing the heaviest brunt. Nonetheless, Qatari bourse pared some of its losses after shrugging off more than a 2 per cent in the previous session.

In point of fact, in the day’s unprecedented downward spiral in energy stocks came forth as both US and UK crude oil futures’ prices posted modest weekly gain on Friday, however, growing frets over global economic growth alongside a vexing leg of inflation-surge appeared to have downsized the market participants’ morale despite a rise in crude oil prices, which conventionally is contemplated as a pivot in Gulf markets.

Gulf markets end mostly lower

Citing statistics, in the day’s Mid-east market wind-down, Saudi’s benchmark index fell 0.8 per cent, stretching out losses into a second straight session, while Saudi National Bank tottered as much as 2.6 per cent and Saudi’s state-backed oil giant, the world’s most profitable company on an unaudited basis, Saudi Aramco was jolted 1.4 per cent.

However, losses were pared up to some extent by a giant leapfrog in Kingdom Holding, which wrapped up the session 9.9 per cent higher, marking up the largest daily gain since June last year. Qatari index edged 0.1 per cent higher after plunging as much as 2 per cent on Thursday.

Outside the Gulf, Egypt’s blue-chip index ended 0.8 per cent lower with the country’s largest lender Commercial International Bank falling 0.7 per cent and Abu Qir Fertilizers drowning 2.3 per cent. Elsewhere in the Gulf, Bahrain drowned 0.9 per cent and Omani bourse fell as much as 0.4 per cent, while Kuwaiti bourse rounded off the session 0.4 per cent lower.