The Saudi Arabian stock market ended lower on Sunday ahead of an OPEC+ decision on supply agreements for the second quarter, while the Egyptian index gained, led by a jump in Talaat Mostafa Holding (TMGH.CA), opens new tab.
OPEC+ will consider extending voluntary oil output cuts into the second quarter, Reuters reported last week citing three OPEC+ sources, to provide additional support for the market, and could keep them in place until the end of the year, according to two of them.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.6%, hit by a 1.5% fall in Al Rajhi Bank and a 1.2% decline in the biggest lender, Saudi National Bank (1180.SE), opens new tab.
Among other losers, telecoms firm Zain Saudi (7030.SE), opens new tab slid 6.3%, despite reporting a rise in annual profit.
However, Avalon Pharma (4016.SE), opens new tab advanced 7.6%, rising for a fourth-consecutive session since its debut.
The Qatari benchmark (.QSI), opens new tab eased 0.1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.3%, buoyed by a 8.8% rise in Talaat Mostafa Holding after its unit completed procedures to acquire 51% of Legacy Hospitality.
Egypt received $5 billion as a first tranche in the Ras al-Hikma property development deal signed with United Arab Emirates and will receive a second $5 billion tranche on Friday, Egyptian Prime Minister Mostafa Madbouly said on Thursday.
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