Most Gulf bourses in red on falling oil prices; Egypt stocks jump
newscatcher
2022-10-16 14:31
Most Gulf bourses in red on falling oil prices; Egypt stocks jump
Most stock markets in the Gulf ended lower on Sunday after Friday's fall in oil prices and on Wall Street, while the Egyptian index outperformed after the IMF said 'big policy issues' were resolved with the country. Saudi Arabia's benchmark index eased 0.1%, hit by a 1.1% fall in oil behemoth Saudi Aramco. Crude prices, a key driver for the Gulf's financial markets, fell more than 3% on Friday as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target.

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