Gulf bourses in red, Saudi slips for fourth straight session

Gulf bourses in red, Saudi slips for fourth straight session

Energy-heavy Saudi Arabia’s benchmark share index fell 0.9 per cent, with oil giant Saudi Aramco down 1.6 per cent

Saudi’s main index trading lower for the fourth straight session amid weak oil prices. — File photo

By Reuters Published: Mon 14 Mar 2022, 6:03 PM

Markets in the Middle East ended lower on Monday, with Saudi’s main index trading lower for the fourth straight session amid weak oil prices.

Oil prices fell by around $5 a barrel on Monday as investors pinned hopes on diplomatic efforts by Ukraine and Russia to end their conflict, while a surge in Covid-19 cases in China spooked the markets.

Energy-heavy Saudi Arabia’s benchmark share index fell 0.9 per cent, with oil giant Saudi Aramco down 1.6 per cent.

In Abu Dhabi, the index lost one per cent, hit by a 1.9 per cent decline in the UAE's largest lender First Abu Dhabi Bank.

Dubai’s main share index fell 1.4 per cent, hardest-hit in the region, pressured by financials. Amlak Finance dropped nearly 10 per cent, while Emirates NBD Bank slipped 3.7 per cent.

“While the fundamentals remain potent, the (Middle East) region’s markets could see additional price corrections as investors move to secure their gains due to the uncertainties around the development