Saudi stocks fell slightly on Sunday, posting five consecutive sessions of gains, after crude oil prices fell on Friday, although the Qatari index extended its gains. US crude prices settled below $95 a barrel for the first time since April in choppy trading on Friday after the European Union said it would allow Russian state-owned companies to ship oil to countries third as part of an adjustment to its sanctions agreed by member states this week. Saudi Arabia’s benchmark ended down 0.1%, hurt by a 1% decline in Retal Urban Development Co and a 0.8% decline in Arab National Bank.
In Qatar, the index added 0.3%, extending gains for a fifth session, helped by a 3.4% jump from Qatar International Islamic Bank. lender Commercial International Bank lost 1.9%. Egypt’s economy is expected to grow steadily over the next three years, with inflation gradually declining from double digits and the pound weakening in the near term, according to a Reuters poll. SAUDI ARABIA fell 0.1% to 11,975 QATAR gained 0.3% to 12,751 EGYPT lost 0.2% to 9,276 BAHRAIN rose 0.7% to 1,887 OMAN rose down 0.6% to 4,318 KUWAIT fell 0.3% to 8,547 ($1 = 3.7575 riyals)