Texas markets

Saudi stock markets end week lower, despite recent rally

(MENAFN) Saudi shares ended sharply lower on Wednesday despite a final rally, as fears of a recession continued to put pressure on financial sentiment.

TASI, the benchmark, again posted one of its worst rates in months, falling 2.9% to 11,319, while similar market Nomu also lost 1.1% to 20,649 .

Share trading in Dubai, Qatar and Abu Dhabi fell by 0.9, 1.1 and 1.8%, individually, followed by minimal declines in the indices of Bahrain, Oman and Kuwait.

Excluding the Gulf, the Egyptian EGX30 index lost its gains from the previous day to end down 0.8%.

Oil prices fell after US leader Joe Biden called for a restriction on gasoline and diesel taxes in response to rising energy costs.

Brent crude stood at $110.37 a barrel on Thursday and US West Texas Intermediate traded at $104.58 a barrel as of 9:29 a.m. KST.

MENAFN26062022000045014228ID1104432519


Legal disclaimer: MENAFN provides the information “as is” without warranty of any kind. We assume no responsibility for the accuracy, content, images, videos, licensing, completeness, legality or reliability of any information in this article. If you have any complaints or copyright issues related to this article, please contact the provider above.