Gulf stock markets mixed amid oil decline... and Egypt's index hits a new record high.

Arabian Sea Newspaper - Special

Arab Sea - Follow-ups: The performance of stock markets in the Gulf region varied today, Sunday, as the Saudi index declined, affected by the drop in oil prices and weak business results, while the Egyptian index rose to its highest level ever. The Saudi index fell 0.5 percent, continuing its decline for the fourth consecutive session, with shares of Umm Al-Qura for Development and Construction falling 4.6 percent. Among the losses, shares of the Saudi Research and Media Group plummeted 5.1 percent after recording a loss in the third quarter. Oil prices on Friday recovered losses recorded in the middle of the day amid hopes that Hungary would be allowed to use Russian oil against the backdrop of US President Donald Trump's meeting with Hungarian Prime Minister Viktor Orban at the White House. Brent crude rose 25 cents to settle at $63.63 a barrel. In Qatar, the index fell 0.1 percent, after Qatar Islamic Bank shares fell 0.4 percent. The main index in Bahrain rose 0.2 percent, the index in the Sultanate of Oman rose 0.5 percent, and the index in Kuwait fell 0.2 percent. Outside the Gulf region, Egypt's blue-chip stock index rose 2.2 percent to an all-time high, with most of its stocks in positive territory, including Commercial International Bank, which rose 2.3 percent. Egypt and Qatar signed a partnership agreement on Thursday for a luxury real estate and tourism development project on Egypt's Mediterranean coast as part of Doha's pledge to Cairo to invest $7.5 billion.