Saudi stocks slip on weaker oil prices

Saudi stocks slip on weaker oil prices

Saudi Arabia’s benchmark index eased 0.1 per cent, hit by a 1.2 per cent fall in Riyad Bank and a 0.7 per cent slip in Saudi British Bank

A broker monitors stock prices on a screen at the Saudi Investment Bank in Riyadh. — File photo

By Reuters Published: Sun 14 Aug 2022, 5:42 PM Last updated: Sun 14 Aug 2022, 5:43 PM

Saudi Arabia’s stock market ended slightly lower on Sunday in response to Friday’s fall in oil prices, while the Qatari index inched higher to notch up a third consecutive session of gains.

Oil prices, a key catalyst for the Gulf’s financial markets, had dropped around two per cent on expectations that supply disruptions in the US Gulf of Mexico would be short-term, while recession fears clouded the demand outlook.

Saudi Arabia’s benchmark index eased 0.1 per cent, hit by a 1.2 per cent fall in Riyad Bank and a 0.7 per cent slip in Saudi British Bank.

Saudi Aramco shares closed flat, despite the state oil giant reporting a steep rise in quarterly profit.

Aramco on Sunday recorded its highest quarterly profit since going public in 2019, boosted by higher oil prices and refining margins.

Crude prices have soared in 2022 to their highest since