SAUDI ARABIA down 0.8% to 10,384 QATAR dropped 1.6% to 10,562 EGYPT lost 3.1% to 15,937 BAHRAIN eased 0.1% to 1,910 OMAN added 0.3% to 4,862 KUWAIT slipped 0.7% to 8,079
(Reporting by Ateeq Shariff in Bengaluru; Editing by Sharon Singleton)
By Ateeq Shariff
March 12 (Reuters) - Most stock markets in the Middle
East ended lower on Sunday, with the Egyptian bourse leading the
declines, in response to Friday's fall in global shares over
fears of contagion following the collapse of Silicon Valley Bank
(SVB) .
The startup-focused lender became the largest bank to fail
since the 2008 financial crisis on Friday, roiling global
markets and leaving billions of dollars belonging to companies
and investors stranded.
In Qatar, the index slid 1.6%, as almost all the
stocks were in negative territory including Qatar Islamic Bank , which tumbled 3.9%.
According to Daniel Takieddine, CEO MENA at BDSwiss, the
Qatari market could also be exposed to the tensions that emerged
in the U.S. this week and could put pressure on the local
banking sector's stock prices.
Saudi Arabia's benchmark index dropped 0.8%, weighed
down by a 1.7% fall in Al Rajhi Bank and a 0.8%
decrease in Retal Urban Development CO .
Oil behemoth Saudi Aramco ended flat, despite
reporting a steep rise in 2022 profits.
Aramco posted a record annual net profit of $161.1 billion
for 2022, up 46% from the previous year on higher energy prices,
increased volumes sold and improved margins for refined
products.
Separately, Saudi Arabia's Crown Prince Mohammed bin Salman
formally announced on Sunday the creation of a new national
airline, Riyadh Air, with industry veteran Tony Douglas as its
chief executive, as the kingdom moves to compete with regional
transport and travel hubs.
Outside the Gulf, Egypt's blue-chip index tumbled
3.1%, with 28 of thirty one stocks on the index trading red,
including top lender Commercial International Bank ,
which was down 1.8%.
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