(Reuters) -Saudi Arabia’s benchmark stock index extended losses to a second session on Friday, but was set to finish the week higher, while most other stock markets in the Gulf traded flat.
Earlier this week, investor sentiment was boosted by a surge in optimism, driven by a U.S.-China trade breakthrough and a series of high-profile investment deals during U.S. President Donald Trump’s Gulf visit.
But by Thursday, the enthusiasm faded, with Asia-Pacific shares outside of Japan trading flat and European shares bracing for a subdued opening on the day. [MKT/GLOB]
Oil prices, a catalyst for the Gulf’s financial markets, continued their decline. Brent crude futures lost 18 cents after falling 2% on Thursday, pressured by oversupply concerns.[O/R]
For the second straight session, a 10% slump in construction materials maker Zamil Industrial Investment dragged the Saudi benchmark 0.41% lower.
Bucking the trend, Dubai’s main share index gained 0.42% and was poised to log gains for the sixth straight week.
Shuaa Capital soared 8% after swinging to a net profit of 196 million ($53.4 million) in the first quarter from a 161 million-Dirham loss in the previous quarter. The investment banking platform was the top gainer on the index.
Abu Dhabi’s benchmark index gained 0.13%, while Qatar’s blue-chip stock index dropped 0.18%.
($1 = 3.6726 UAE dirham)
(Reporting by Chandini Monnappa and Rishab Shaju in Bengaluru; Editing by Sumana Nandy)
