Major stock markets in the Gulf ended lower yesterday as oil prices fell, with the Saudi index posting its fourth weekly loss.
Crude prices, a key catalyst for the Gulf’s financial markets, extended declines as concerns over geopolitical tensions eased and a rising numbers of Covid-19 cases in China added to demand worries in the world’s largest crude importer.
Nato and its member Poland said on Wednesday a missile that crashed in the country was probably a stray fired by Ukraine’s air defences and not a Russian strike, easing fears of the war between Russian and Ukraine spilling across the border.
Saudi Arabia’s benchmark index fell 0.1 per cent, hit by a 1.9pc fall in Riyad Bank.
The index posted its fourth weekly loss, down 0.6pc, with year-to-date losses at 1.2pc.
Yesterday, South Korean and Saudi Arabian leaders pledged stronger ties in the fields of energy, defence and construction, as the kingdom signed investment agreements worth $30 billion with South Korean companies.
Dubai’s main share index gained 0.3pc, with Dubai Electricity and Water Authority falling 2.1pc.
The Dubai stock market continued to see price corrections as traders maintained their selling trend, said Farah Mourad, senior market analyst at XTB MENA.
“The general direction of the market remained uncertain as it continued to trade sideways for more than a month.”
The Abu Dhabi index finished 0.6pc higher.
Separately, Abu Dhabi-based Aliph Capital, the Middle East’s first female-led private equity firm, said yesterday it had completed a 100pc buyout of UAE business The Pet Shop from Kasamar Holdings.
Outside the Gulf, Egypt’s blue-chip index advanced 1.4pc, posting its fifth weekly gain.