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Written by Atiq Sharif
(Reuters) – Gulf stock markets ended lower on Sunday after oil prices fell on Friday, although Saudi Arabia’s stock index bucked an upward trend.
Oil, a catalyst for Gulf financial markets, fell on Friday as the release of some hostages in Gaza lowered the geopolitical risk premium.
In Qatar, the index fell 0.7%, weighed down by a 1.5% decline in Qatar Islamic Bank and a 1.5% decline in petrochemical maker Industries Qatar.
Outside the Gulf, Egypt’s blue-chip index fell 0.8%, while top financial institution Commercial International Bank fell 2%.
Saudi Arabia’s benchmark index rose 0.1%, helped by Elm’s 1.2% rise, ending a two-session losing streak.
OPEC+ is close to reaching a compromise with African oil producers on production levels for 2024, four OPEC+ officials told Reuters, but disagreements over those targets have left the oil-producing group in a state of turmoil. The meeting was forced to be postponed.
The market will also be watching whether Saudi Arabia will extend its additional 1 million barrels per day (bpd) voluntary production cut, which is set to expire at the end of December.
Saudi Arabia increased by 0.1% to 11,090 people
Qatar decreased by 0.7% to 10,137
Egypt: 25,300 people, down 0.8%
Bahrain fell 0.1% to 1,951
Oman increased by 0.2% to 4,628 people
Kuwait increased by 0.1% to 7,320 people
(Reporting by Ateeq Shariff in Bengaluru; Editing by Louise Heavens)