Stock markets in the Gulf ended lower on Sunday in response to Friday's fall in oil prices.
Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, ending two sessions of losses © Mena Today
Stock markets in the Gulf ended lower on Sunday in response to Friday's fall in oil prices, although the Saudi index bucked the trend to trade higher.
Oil - a catalyst for the Gulf's financial markets - fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium.
In Qatar, the index (.QSI) dropped 0.7%, weighed down by a 1.5% fall in Qatar Islamic Bank (QISB.QA) and a 1.5% decrease in petrochemical maker Industries Qatar (IQCD.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 0.8%, with top lender Commercial International Bank (COMI.CA) losing 2%.
Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, ending two sessions of losses, helped by a 1.2% rise in Elm Company (7203.SE).
Indian-origin steel tycoon Lakshmi N. Mittal, long considered one of Britain’s wealthiest residents, is reportedly preparing to shift his base away from the UK as Prime Minister Keir Starmer’s Labour government moves ahead with new tax measures targeting the super-rich, The Sunday Times reported.
Dubai has secured its place as the world’s second-largest gold trading hub, despite having no domestic production and limited historical ties to the industry.
U.S. President Donald Trump announced that the United States is preparing to designate the Muslim Brotherhood as a terrorist organization, describing the move as something that will be carried out “in the strongest and most powerful terms.”
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