Most Gulf markets in red; Egypt gains Agencies


Most stock markets in the Gulf ended lower on Sunday, tracking global peers, after a report showing US consumer sentiment slumped to a six-month low in May reinforced bearish sentiment over talks to raise the US government’s debt ceiling.

The Congressional Budget Office warned on Friday that the United States faced a “significant risk” of defaulting on payment obligations within the first two weeks of June if the government’s $31.4 trillion debt ceiling was not raised, adding that payment operations will remain uncertain throughout May.

Saudi Arabia’s benchmark index fell 0.4%, with Dr Sulaiman Al-Habib Medical Services losing 1% and Riyad Bank retreating 1.— Agencies