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Most stock markets in the Gulf ended lower on Sunday after Russia and Belarus extended military drills north of Ukraine, dashing Western hopes that diplomacy might resolve the crisis.
The decision to extend military exercises was taken because of increased military activity near the borders of Russia and Belarus and an escalation of the situation in the eastern Ukrainian region of Donbass, the Belarus ministry said in a statement.
Saudi Arabia’s benchmark index (.TASI) fell 0.1 per cent, as most of the stocks on the index were in negative territory including SABIC Agri-Nutrient (2020.SE).
However, the index’s losses were limited by gains at Al Rajhi Bank (1120.SE), which concluded 5.9 per cent higher after the lender announced board’s proposal to increase capital to 40 billion riyals ($10.66 billion) by issuing bonus shares.
Separately, Nahdi Medical Co, Saudi Arabia’s market leader in retail pharmacy, on Sunday announced its intention to list on the local bourse by selling 30 per cent of its shares, joining a spate of new initial public offerings in the kingdom.
The Qatari index (.QSI) dropped 0.5 per cent, hit by a 1 per cent fall in the Gulf’s biggest lender Qatar National Bank (QNBK.QA).
Crude prices, a key catalyst for the Gulf’s financial markets, ended the week mixed on Friday.
