Riyadh
\nSaudi Arabia and Qatar stock markets closed lower on Sunday, as uncertainties in oil prices amid Chinese COVID-19 curbs and haggling over a cap on Russian oil prices, weighed on investors\u2019 sentiments, although Egypt rose, bucking the trend.
\nCrude prices, which fuel the region\u2019s growth, slipped 2% on Friday after world\u2019s top oil importer China continued to enforce mobility measures and other curbs to control outbreaks, hitting fuel demand.
\nMeanwhile, G7 and European Union diplomats have been discussing a Russian oil price cap of between $65 and $70 a barrel to limit revenue to fund Moscow\u2019s military offensive in Ukraine without disrupting global oil markets.
\nOil prices could continue to see high volatility during this week as the talks about a cap divide Europe, while lower demand from China and possible new volumes from Venezuela could ease supply pressures, said Daniel Takieddine, CEO MENA at BDSwiss.
\nSaudi Arabia\u2019s benchmark index (.TASI) fell 1.3%, with Al Rajhi Bank (1120.SE) retreating 1.2%, while Sabic Agri-Nutrients (2020.SE) was down 3.9%.
\nSeparately, Saudi oil behemoth Aramco\u2019s (2222.SE) base oil subsidiary, Luberef, has received the approval from the kingdom\u2019s stock market regulator for an initial public offering, the Capital Market Authority said on Thursday.
\nThe Qatari index (.QSI) also dropped 1.1%, extending losses from previous session, led by its financial stocks with Qatar Islamic Bank (QISB.QA) and Commercial Bank Qatar (COMB.QA) plunging 1.9% and 2.1% respectively.
\nOutside the Gulf, Egypt\u2019s blue-chip index (.EGX30) closed 1.8% higher, with E-Finance For Digital And Financial Investments (EFIH.CA) rising 3.5% and Abu Qir Fertilizer (ABUK.CA) surging 4.2%.
\n\u201cEgyptian stock market, supported by the large trading volumes by local investors, continue to maintain its strong performance\u201d added Takieddine.<\/p>\n","protected":false},"excerpt":{"rendered":"
Riyadh Saudi Arabia and Qatar stock markets closed lower on Sunday, as uncertainties in oil prices amid Chinese COVID-19 curbs and haggling over a cap on Russian oil prices, weighed on investors\u2019 sentiments, although Egypt rose, bucking the trend. Crude prices, which fuel the region\u2019s growth, slipped 2% on Friday after world\u2019s top oil importer […]<\/p>\n","protected":false},"author":2,"featured_media":297902,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-297881","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n