Saudi bourse extends losses on lacklustre earnings; Egypt gains

Saudi Arabia's stock market ended lower on Sunday, extending losses for a fourth session, amid disappointing corporate earnings, while Egypt's stock index was buoyed by upbeat company results, reports Reuters.

Saudi Arabia's benchmark fell 0.6 per cent, hit by a 0.4 per cent drop in Al Rajhi Bank and a 3.4 per cent decrease in Riyad Bank.

Elsewhere, Saudi Tadawul Groupeased 0.5 per cent, after the operator of Saudi Arabia's stock exchange missed analysts' estimates on annual profit.

Meanwhile, oil prices fell on Friday as markets watched an Oval Office argument between the U.S. and Ukrainian presidents while also bracing for Washington's new tariffs and Iraq's decision to resume oil exports from the Kurdistan region.

Outside the Gulf, Egypt's blue-chip index gained 0.8 per cent, snapping a four-day losing streak. Commercial International Bank (COMI.CA), opens new tab rose 1.1 per cent, while Fawry for Banking Technology and Electronic Payment jumped 4.4 per cent, following a rise in 2024 profit.

Among other gainers, E-Finance for Digital and Financial Investments finished 2.7 per cent higher, as the payments company reported a steep rise in fourth-quarter profit.

Egypt's M2 money supply was up by 32.1 per cent year-on-year in January, central bank data showed.