Saudi ends lower; Abu Dhabi retreats from record high as oil prices drown

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Saudi ends lower; Abu Dhabi retreats from record high as oil prices drown

On Sunday, a majority of Gulf bourses had wrapped up the session lower as a response to Friday’s downfall in crude oil prices. Besides, Dubai closed slightly higher on Friday, though, Abu Dhabi retreated from a record high.

In the matter of the fact, prices of crude oil play a pivotal role in Mideast traders’ morale, while there had not been any exception in Sunday’s Gulf bourses. Crude oil prices faltered nearly 2 per cent on Friday in the wake of a landscape that a latest leg of supply-crunch stemming from a disruption in the US Gulf of Mexico would be short-lived.

Adding further strains, as recession frets began to cast dark clouds over many economies, traders’ optimism on demand outlook has been met with a holocaust.

Gulf bourses ended lower as oil prices pummel

On Sunday’s Gulf market wind-down, Saudi’s benchmark index fell marginally by 0.1 per cent, as Riyadh Bank dipped 1.2 per cent and shares’ prices of Saudi British Bank had drowned 0.7 per cent.

Despite reporting a record profit, Saudi Aramco had closed out the session almost flatlined. Outside the Gulf, Egypt’s blue-chip index that tracks prices of 30 entities, rounded off the session almost dithered as financials’ declines were offset by industrials.

Elsewhere in the Middle East, Qatari Index rose 0.4 per cent with the shares’ prices of Industries Qatar advancing as much as 1.8 per cent. Aside from that, Bahrain rose by 0.8 per cent and Oman added 0.1 per cent, while Kuwaiti bourse lost 0.7 per cent.

0Besides, on Friday’s market closure, Abu Dhabi’s main index wrapped up 0.6 per cent lower, retreating from a record closing peak and snapping a five-days long winning streak with UAE’s largest lender First Abu Dhabi Bank declining 0.8 per cent.

Besides, Dubai’s main index added 0.3 per cent on Friday, mostly boosted by an upsurge in the shares’ prices of Sharia-based lender Dubai Islamic Bank, as Dubai Islamic Bank jumped 0.7 per cent and low-cost carrier Air Arabia gained 2.3 per cent a day after reporting that its second-quarterly profit had soared by a record sixteen-fold.