Most Gulf stock markets in the red due to falling oil prices; Egyptian stocks jump

Oct 16 (Reuters) – Most Gulf stock markets ended lower on Sunday after oil prices fell on Friday and on Wall Street, while Egypt’s index outperformed after the IMF said “big problems policies” had been resolved with the country.

Saudi Arabia’s benchmark index (<.tasi>) fell 0.1%, hit by a 1.1% drop in oil giant Saudi Aramco ().

Crude prices, a key driver of Gulf financial markets, fell more than 3% on Friday as global recession fears and weak oil demand, particularly in China, outweighed support from a sharp reduction in the OPEC+ supply target. Read more

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China, the world’s biggest crude oil importer, is battling COVID-19 surges after a week-long holiday. The country’s infection count is low by global standards, but it has stuck to a zero-COVID policy that weighs heavily on economic activity and oil demand.

Outside the Gulf, the first-order Egyptian index (<.egx30>) rose 2% as most stocks in the index were in positive territory, including major lender Commercial International Bank Egypt (), which increased by 3.5%. %.

International Monetary Fund officials have resolved all major political issues with Egyptian authorities in their discussions on a new lending program, IMF Managing Director Kristalina Georgieva said Friday. Read more

Egypt pushed to tie up a new IMF package at annual IMF-World Bank meetings in Washington this week, hoping to stem a currency crisis that has restricted imports and sparked market unease concerning the repayment of the foreign debt.

In Qatar, the index (<.qsi>) fell 0.7%, extending losses from the previous session.

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Reporting by Ateeq Shariff in Bangalore; Editing by Hugh Lawson

Our standards: The Thomson Reuters Trust Principles.

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