The Saudi stock market closed lower on Sunday, affected by the decline in oil prices, on Friday, amid fears of the European Union’s ban on Russia’s refined oil products.
Oil prices fell on Friday, as Brent crude futures fell $2.23, or 2.7 percent, to $79.94 a barrel.
Meanwhile, Saudi Energy Minister Prince Abdulaziz bin Salman warned, on Saturday, of the consequences of sanctions and a decline in investments that would lead to a shortage of energy supplies in the future.
The European Union imposed a series of sanctions on Russia, which reduced Russian energy exports.
The Saudi index fell 1.34 percent, its worst performance since December 7.
Oil giant Saudi Aramco fell 1.5 percent, while Al-Rajhi Bank, the world’s largest Islamic bank by market value, fell 1.9 percent.
Among the losers was Dr. Suleiman Al Habib Medical Services, which fell 2.2 percent, and Riyad Bank, which fell 3.5 percent.
The Qatari index closed down 0.4 percent.
Qatar Aluminum Manufacturing Company (Qamco) fell 5.9 percent, and Industries Qatar fell 2.2 percent.
However, Qatar National Bank, the largest lender in the Gulf, stopped its losses for four consecutive sessions, closing up 3.5 percent.
Outside the Gulf region, the Egyptian blue-chip index rose 0.1 percent, ending losses over four sessions.
The index rose due to gains achieved by the shares of the Commercial International Bank, which rose 1.4 percent, and the shares of Talaat Mustafa Group, which rose 3.1 percent.
Among the gainers were Palm Hills Developments, which jumped 10.3 percent, and GB Auto, which also jumped 9.2 percent. (Reuters)
