Saudi bourse falls on profit taking; Egypt extends gains

Saudi Arabia’s stock market closed lower on Sunday, ending five sessions of gains as investors booked profits, while the Egyptian index extended gains for a second session.

Saudi Arabia’s benchmark index dropped 0.3%, weighed down by a 1.2% fall in Al Rajhi Bank and a 1% decrease in ACWA Power Company.

In Qatar, the index fell 0.9%, with the Gulf’s biggest lender Qatar National Bank losing 1.3% and Qatar Islamic Bank retreating 2.2%.

The Qatari market is awaiting clear directional catalysts, said Samer Hasn, senior market analyst at XS.com.

UAE stocks subdued as investors lock in profits

Outside the Gulf, Egypt’s blue-chip index gained 0.6%, rising for a third consecutive day, led by an 8.4% jump in El Sewedy Electric Co.

SAUDI ARABIA fell 0.3% to 12,070

QATAR dropped 0.9% to 10,478

EGYPT up 0.4% to 30,184

OMAN eased 0.1% to 4,570

KUWAIT added 0.6% to 7,839