© Reuters. A trader follows the information on the shares of the Saudi stock exchange in Riyadh, in a photo from the Reuters archive.
from the old shriq
(Reuters) – The stock market closed on Sunday with a decline to continue losses for the second session amid sales of profit-taking.
The leading index fell 1.6 percent, hit by a 1.4 percent drop in Retal Urban Development and 2.1 percent in Al Rajhi Bank (TADAWUL :).
Daniel Taqi El-Din, CEO of BD Suisse’s Middle East and North Africa division, said the decline in the Saudi stock market came as traders moved to secure their gains following the recent recovery.
He stressed that “price corrections could be limited if they continue to rise”.
Crude oil prices, a major catalyst for Gulf financial markets, rose on Friday, ending the week at a multi-year high amid intensifying Russian invasion of Ukraine and reluctance to buy oil from the second largest crude oil exporter. in the world.
In Qatar, the leading index fell 0.4 percent, hit by a 1.6 percent decline in Masraf Al Rayan shares.
According to Taqi El-Din, the market could remain under pressure with lower prices.
Outside the Gulf region, the blue-chip index closed 0.7% lower, weighed down by the 1.3% decline in Commercial International Bank (EGX :).
Markets in Bahrain, Kuwait and Oman were closed on Sunday due to an official holiday.
(Prepared by Marwa Gharib for the Arab Newsletter – By Rehab Alaa)
