#Saudi bourse extends gains; #Qatar and Egypt fall on profit-taking | Reuters

Saudi bourse extends gains; Qatar and Egypt fall on profit-taking | Reuters

Saudi Arabia's stock market closed higher on Sunday after the Saudi Central Bank matched the U.S. Federal Reserve with a quarter percentage-point interest rate cut, while Qatar and Egypt slipped as traders cashed in profits from recent gains.

The Fed cut its policy rate by 25 basis points on Wednesday and indicated that more cuts would follow as it responded to signs of weakness in the U.S. jobs market.

Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.3%, consolidating three days of gains on energy-led buying.

Oil behemoth Saudi Aramco jumped 1.9% to a level last seen more than two months ago. Saudi Arabian Mining (1211.SE), opens new tab advanced more than 2%.

MBC Group (4072.SE), opens new tab surged 10%, mirroring the previous session's strength after its unit Istedamah Holding sold its entire stake in MBC to the Public Investment Fund (PIF), the kingdom’s sovereign wealth fund.

Qatar's benchmark index (.QSI), opens new tab edged lower by 0.4%, ending a four-day winning streak with selling concentrated in energy and financial shares.

Qatar Islamic Bank (QISB.QA), opens new tab declined nearly 2%, while Qatar Fuel (QFLS.QA), opens new tab slid 1%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab also finished the session 0.4% lower, hit by a 2% fall in Commercial International Bank (COMI.CA), opens new tab.

Orascom Construction (ORAS.CA), opens new tab, however, jumped 3.7% for a third straight session after recently debuting its primary listing on Abu Dhabi’s main index (.FTFADGI), opens new tab, while retaining its secondary listing on the Egyptian exchange.