Saudi Arabia and Egypt fall as markets reopen after weekend; Qatar makes slight progress – Reuters.com

An investor watches a screen displaying stock information at the Abu Dhabi Stock Exchange on June 25, 2014./File Photo

May 22 (Reuters) – Saudi Arabia’s stock market fell for a second consecutive session on Sunday, under pressure from falling banking and petrochemical stocks, while Qatar rebounded after falling more than 2% in the previous session .

Saudi Arabia’s benchmark index (.TASI) fell 0.8%, extending Thursday’s losses, with the Saudi National Bank (1180.SE) down 2.6% and oil giant Saudi Aramco (2222.SE) down 1.4%.

Aramco, tied with Apple Inc (AAPL.O) as the world’s most valuable company, last week reported net profit of $39.5 billion for the quarter to March 31, down from $21.7 billion. dollars a year earlier. Read more

Kingdom Holding (4280.SE) jumped 9.9%, its biggest daily gain since early June last year, after Saudi billionaire Prince Alwaleed bin Talal signed a deal with sovereign wealth fund PIF to sell 16.87% of his investment in the company for a total of 5.68 billion riyals ($1.51 billion).

Qatar’s index (.QSI), edged up 0.1%, finding some support in financials and energy stocks after falling more than 2% on Thursday.

Islamic lender Masraf al Rayan (MARK.QA) gained 1.7% while Qatar Gas Transport Nakilat (QGTS.QA) rose 2.7%.

Germany and Qatar on Friday signed a declaration aimed at deepening their energy partnership, with a focus on trade in hydrogen and liquefied natural gas (LNG), as Europe’s largest economy seeks alternative supplies amid the Russian invasion of Ukraine. Read more

Outside the Gulf, Egypt’s blue chip index (.EGX30) ended down 0.8% as the country’s largest lender, Commercial International Bank (COMI.CA), fell 0.7% and Abu Qir Fertilizers (ABUK.CA) down 2.3%.

($1 = 3.7510 riyals)

($1 = 3.6580 Qatari riyals)

Reporting by Shamsuddin Mohd in Bengaluru; Editing by Kirsten Donovan

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