Most Gulf bourses track oil prices lower; Egypt gains – Reuters
- Date: 07-Aug-2022
- Source: Reuters
- Sector:Financial Markets
- Country:Egypt
Most Gulf bourses track oil prices lower; Egypt gains – Reuters
Aug 7 (Reuters) - Saudi Arabia's stock market ended lower on Sunday, amid weak oil prices which closed the week at their lowest levels since February, rattled by worries a recession could hit fuel demand.
The benchmark index (.TASI) in Saudi Arabia retreated 0.6%, hit by a 1.5% fall in Riyad Bank (1010.SE) and a 1.7% decline in Banque Saudi Fransi (1050.SE).
Crude prices, a key catalyst for the Gulf's financial markets, settled up 80 cents to $94.92 a barrel on Friday, recouping some of this week's losses on strong U.S. job growth data.
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