Saudi Arabia’s stock market ended lower on Sunday, ending three sessions of gains, in response to Friday’s fall in oil prices and global shares.
Oil – a key catalyst for the Gulf’s financial markets – fell by more than $2 per barrel on Friday, swept up in a wider rout in global equities on fears of a looming recession, after central banks across Europe and North America signalled they will continue to battle inflation aggressively.
Saudi Arabia’s benchmark index dropped 0.4%, snapping a three-day winning streak, hit by a 2.5% fall in Riyad Bank.
Elsewhere, oil giant Saudi Aramco retreated 0.6%.
Saudi Basic Industries Corporation (SABIC) on Sunday announced signing of a memorandum of understanding with Aramco and China Petroleum & Chemical Corporation to study the economic and technical feasibility of developing a new petrochemical complex to be integrated with an existing refinery in Yanbu, Saudi Arabia.
However, shares of…
