Saudi ends higher on oil prices; most Gulf markets in red
World
Saudi ends higher on oil prices; most Gulf markets in red
KSA (Reuters) - Saudi Arabian stocks climbed on Sunday in response to Friday s rise in oil prices, while most other bourses in the Gulf were in the red on global economic concerns.
Oil prices settled about $3 per barrel higher on Friday for a second straight week of gains after Moscow said it could cut crude output in response to the G7 imposing a price cap on Russian exports.
Russia may cut oil output by 5% to 7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday.
Saudi Arabia s benchmark index (.TASI) edged 0.2% higher, ending two sessions of losses, helped by a 1.9% rise in Retal Urban Development Co (4322.SE) and a 1% increase in Al Rajhi Bank (1120.SE).
The Saudi bourse could maintain a stronger profile this week if oil prices continue to move to the upside, said Daniel Takieddine, CEO MENA at BDSwiss.
"However, price corrections could still pose a threat."
The blue-chip index (.QSI) in Qatar - among the world s top exporters of liquefied natural gas - dropped 0.6%, hit by a 1.2% fall in Qatar Islamic Bank (QISB.QA).
According to Takieddine, the Qatari market saw additional price corrections after last week s pause as natural gas prices remained very volatile.
Outside the Gulf, Egypt s blue-chip index (.EGX30) was down 0.7%, extending losses from the previous session.
