On Monday, most Gulf stock markets closed down as investors worried about inflation and increasing interest rates threatening the global economy.
Saudi Arabia’s benchmark index (.TASI) dropped 0.8%, hit by a 2.3% fall in Al Rajhi Bank and a 3.4% decline in petrochemical maker Saudi Basic Industries Corp (2010.SE).
Investment firm Kingdom Holding surged 9.5%, extending gains from the previous session.
The main share index in Dubai finished 2.5% lower, underperforming the region, dragged down by a 4.9% slide in Emirates NBD Bank.
Bucking the trend, the Qatari index advanced 1.4%, led by a rise in Qatar Islamic Bank (QISB.QA).
Emir of Qatar Tamim bin Hamad al-Thani expressed optimism on Friday that an agreement between the United States and Iran could be achieved.
Talks to revive a 2015 accord restraining Iran’s nuclear programme with world powers have been on hold since March. The emir confirmed plans to start supplying Qatari liquefied natural gas (LNG) to Germany in 2024.
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