Most Gulf markets extend losses on profit-taking; Egypt gains


(Reuters) – Most stock markets in the Gulf ended lower on Sunday as profit-taking continued, but the Egyptian index bucked the trend to trade at a record high.

Saudi Arabia’s benchmark index (.TASI) dropped 0.5%, weighed down by a 1.1% fall in Al Rajhi Bank (1120.SE) and a 1.7% decrease in Alinma Bank (1150.SE).

The kingdom faces the risk of an economic contraction this year following its decision to extend crude production cuts, highlighting its still heavy reliance on oil as reforms to diversify are slow moving.

Separately, oil and gas driller ADES Holding is expected to price its initial public offering (IPO) at the top of a range announced this week, one of the banks on the deal said on Thursday.

ADES is set to raise as much as 4.57 billion riyals ($1.22 billion) from the sale of a 30% stake in the company through the public share sale.

In Qatar, the index (.QSI) extended losses for a third session.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) gained 0.6%, hitting its record high, led by a 5.5% rise in Beltone Financial Holding (BTFH.CA).

Advertisement · Scroll to continue

UAE’s Global Investment Holding Co. has agreed to buy a 30% stake in Eastern Co. (EAST.CA), Egypt’s main tobacco products maker, for $625 million, a measure that will widen private participation in the economy, Egypt’s cabinet said earlier this month.

SAUDI ARABIA(.TASI) fell 0.5% to 11,104
QATAR(.QSI) dropped 0.6% to 10,253
EGYPT(.EGX30) rose 0.6% to 19,669
BAHRAIN(.BAX) down 0.4% to 1,925
OMAN(.MSX30) lost 0.3% to 4,711
KUWAIT(.BKP) declined 0.4% to 7,676

Share post:



Unknown Gunmen Assassinate Lashkar-e-Taiba Leader Hafiz Saeed’s Son Ibrahim: Reports

Islamabad — Ibrahim Kamaluddin Saeed, the son of the...

Blasts rip through two mosques in Pakistan, killing at least 57

Quetta (Reuters) - A suicide bombing and another blast...

The Forgotten Role of India: Financial Aids to Muslim Nations—Afghanistan, Palestine, Syria

India's contributions have been instrumental in fostering positive relations...

Afghan Embassy Suspends Operations in India as Diplomats Seek Asylum

New Delhi — The Afghan embassy in India has...