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Saudi stocks wear weaker oil prices as Qatar consolidates gains

An investor monitors a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014.

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Aug 14 (Reuters) – Saudi Arabia’s currency markets ended slightly lower on Sunday in reaction to Friday’s fall in oil prices, as the Qatari index inched higher to notch up a third consecutive session of gains.

Oil prices, an integral catalyst for the Gulf’s financial markets, had dropped around 2% on expectations supplying disruptions in the U.S. Gulf coast of florida will be short-term, while recession fears clouded the demand outlook.

Saudi Arabia’s benchmark index (.TASI) eased 0.1%, hit by way of a 1.2% fall in Riyad Bank (1010.SE) and a 0.7% slip in Saudi British Bank (1060.SE).

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Saudi Aramco (2222.SE) shares closed flat, regardless of the state oil giant reporting a steep rise in quarterly profit.

Aramco on Sunday recorded its highest quarterly profit since going public in 2019, boosted by higher oil prices and refining margins. read more

Crude prices have soared in 2022 with their highest since 2008, climbing above $139 a barrel in March following the USA and Europe imposed sanctions on Russia over its invasion of Ukraine.

Prices have since eased to below $100 a barrel as soaring inflation and higher interest levels raise fears of a recession that could erode demand.

Net profit increased 90% to 181.64 billion riyals ($48 billion) for the quarter to June 30 from 95.47 billion riyals per year earlier and weighed against a mean estimate from 15 analysts of $46.2 billion.

Aramco declared a second-quarter dividend of $18.8 billion, consistent with its target, to be paid in the 3rd quarter.

In Qatar, the index (.QSI) gained 0.4%, with Industries Qatar (IQCD.QA) advancing 1.8%.

The petrochemical maker rose for a fifth session in six after the other day posting a sharp rise in first-half net profit.

Beyond your Gulf, Egypt’s blue-chip index (.EGX30) was flat, as declines in financial shares were offset by gains elsewhere.

On the list of gainers, Telecom Egypt (ETEL.CA) jumped 3.9%.

On Thursday, the telecom operator reported second-quarter net profit of 2.42 billion Egyptian pounds ($127 million), up from 1.75 billion Egyptian pounds this past year.

($1 = 19.0800 Egyptian pounds)

($1 = 3.7540 riyals)

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Reporting by Ateeq Shariff in Bengaluru; Editing by Alexander Smith

Our Standards: The Thomson Reuters Trust Principles.

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