Most stock markets in the Gulf ended lower on Sunday in response to Friday's fall in oil prices amid thin holiday-season trading.
Oil prices - a catalyst for the Gulf's financial markets - settled more than 2% lower on Friday as investors weighed a looming global supply glut, while also keeping an eye on Ukraine peace deal talks on Sunday between Ukrainian President Volodymyr Zelenskiy and U.S. President Donald Trump.
Despite a rebound fuelled by recent supply issues from the December 16 near-five-year lows, oil is on pace for its biggest annual loss since 2020, with Brent crude down 19% year-to-date as increased production sparks worries of an impending oversupply next year.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 1%, with Al Rajhi Bank (1120.SE), opens new tab losing 1.1% and oil behemoth Saudi Aramco (2222.SE), opens new tab retreating 0.8%.
Lower oil prices and disruptions to crude exports impact fiscal balances in countries reliant on oil income.
In Qatar, the index (.QSI), opens new tab fell 0.4%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab dropping 1.1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.9%, with Telecom Egypt (ETEL.CA), opens new tab rising 2.2%.
Egypt’s central bank announced a 100 basis point cut to its overnight interest rates on Thursday, according to a statement from the monetary policy committee.
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