Saudi bourse continues to lose money due to profit-taking, while Egypt gains


(30 July, Reuters) - On profit-taking, the Saudi Arabian stock market finished lower on Sunday, extending losses from the previous session, while the Egyptian index halted a losing streak of five sessions.

Saudi Arabia's benchmark index (.TASI) down 0.5%, with Riyad Bank (1010.SE) falling 2.5% and Saudi Awwal Bank (1060.SE) falling 3.8%.

The lender last week announced a quarterly net profit of 1.55 billion riyals ($413.28 million), down from the prior quarter but up from 1.08 billion riyals a year ago.

SAUDI ARABIA 
(.TASI) decreased 0.5% to 11,789 
QATAR (.QSI) increased 0.5% to 10,954
EGYPT (.EGX30) 
increased 1.2% to 17,555 
OMAN (.MSX30) was unchanged at 4,779 
KUWAIT (.BKP) increased 0.1% to 8,092 during this period.


Positively, after reporting a strong increase in second-quarter net profit, National Shipping Company of Saudi Arabia (4030.SE) rose more than 4%.

The petrochemical manufacturer Industries Qatar (IQCD.QA) saw a 2.7% increase, which helped the index (.QSI) in Qatar increase by 0.5%.

Oil prices, a major driver of the Gulf's financial markets, increased on Friday and recorded a fifth consecutive week of increases as investors were confident that strong demand and supply reductions would maintain price stability.