Most Gulf markets extend losses on profit-taking; Egypt gains

Most stock markets in the Gulf ended lower on Sunday as profit-taking continued, but the Egyptian index bucked the trend to trade at a record high. Saudi Arabia’s benchmark index dropped 0.5%, weighed down by a 1.1% fall in Al Rajhi Bank and a 1.7% decrease in Alinma Bank. The kingdom faces the risk of an economic contraction this year following its decision to extend crude production cuts, highlighting its still heavy reliance on oil as reforms to diversify are slow moving. Most Gulf markets fall ahead of US inflation data Separately, oil and gas driller ADES Holding is expected to price its initial public offering (IPO) at the top of a range announced this week, one of the banks on the deal said on Thursday. ADES is set to raise as much as 4.57 billion riyals ($1.22 billion) from the sale of a 30% stake in the company through the public share sale. In Qatar, the index extended losses for a third session. Outside the Gulf, Egypt’s blue-chip index gained 0.6%, hitting its record high, led by a 5.5% rise in Beltone Financial Holding. UAE’s Global Investment Holding Co. has agreed to buy a 30% stake in Eastern Co., Egypt’s main tobacco products maker, for $625 million, a measure that will widen private participation in the economy, Egypt’s cabinet said earlier this month. SAUDI ARABIA fell 0.5% to 11,104 QATAR dropped 0.6% to 10,253 EGYPT rose 0.6% to 19,669 BAHRAIN down 0.4% to 1,925 OMAN lost 0.3% to 4,711 KUWAIT declined 0.4% to 7,676