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 dropped 0.5%, weighed down by a 1.1% fall in Al Rajhi Bank and a 1.7% decrease in Alinma Bank. 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.
Most Gulf markets fall ahead of US inflation data 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.—Agency
