Most Gulf stock markets closed lower on Thursday, weighed down by a drop in oil prices of more than $2 a barrel.
This came amid news that the United States and Iran had agreed to hold talks in Oman, which dampened investor sentiment in regional markets.
Oil prices, a key driver of Gulf stock markets, fell by about 2.2%.
Brent crude was at $67.93 a barrel by 1:00 PM GMT.
This occurred amid expectations of easing geopolitical tensions in the region.
The Saudi market led the losses, with the main index falling 1.3%, ending a three-session winning streak.
Increase in annual net profit
Almost all components of the index declined. The basic materials, information technology, and real estate sectors led the losses.
Shares of Saudi Arabian Mining Company (Ma’aden) fell 5.4%,
while shares of National Commercial Bank (NCB), the Kingdom’s largest bank by assets, dropped 2.7%.
In contrast, shares of Bank Albilad rose 0.8% after it announced an increase in its annual net profit.
New record high and strong gains
The Saudi index recorded a weekly loss of 1.8%, impacted by profit-taking after three consecutive weeks of gains.
Daniel Takieddine, co-founder and CEO of Skylinks Capital Group, said that market sentiment had
shifted towards risk aversion due to prevailing conditions in global markets and the decline in commodity prices, particularly oil.
In the rest of the Gulf markets, the Qatari index fell 0.3%, with most stocks declining.
The Abu Dhabi index rose slightly, supported by some leading stocks.
And The Dubai index recorded a marginal increase of 0.1%, closing at a new record high, its highest since 2006.
The index has now posted gains for the fourth consecutive session.
And The Bahraini market remained virtually unchanged, while the Omani index rose 0.7%, and the Kuwaiti index fell 0.5%.
Outside the Gulf region, Egypt’s main index closed 0.2% higher, supported by strong gains in some leading stocks.
