Mideast Stocks: Saudi bourse extends gains; Qatar falls on profit-taking

Mideast Stocks: Saudi bourse extends gains; Qatar falls on profit-taking

Saudi Arabia's stock market rose on Sunday, in response to higher crude oil prices late last week, while the Qatari index extended loses on profit taking.

Saudi Arabia's benchmark index gained 0.5%, rising for a ninth session in ten, led by a 3.6% jump in Islamic lender Al Rajhi Bank.

Brent futures settled up $2.92, or 2.68%, at $111.70 a barrel on Thursday ahead of a long weekend on news that the European Union might phase in a ban on Russian oil imports.

Also, ratings agency Fitch revised its outlook on Saudi Arabia to "positive" from "stable" on Thursday, citing improvements in the country's sovereign balance sheet given higher oil revenues.

The kingdom expects to post its first budget surplus in nearly a decade this year by keeping a tight rein on spending while revenues roll in, boosted by higher crude prices, Finance Minister Mohammed al-Jadaan said in December.

In Qatar, the index dropped 0.9%, extending losses from the previous session after a record high touched last week sparked profit taking. Qatar Islamic Bank retreated 2.5%, while Qatar National Bank finished 2.1% lower.

Outside the Gulf, Egypt's blue-chip index edged up 0.3%, helped by a 1.9% rise in top lender Commercial International Bank following a rise