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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.


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