Saudi Stocks Decline Amid Earnings Disappointment; Egyptian Index Rises on Company Results

Saudi Arabia's stock market concluded Sunday's session lower, marking its fourth consecutive loss, influenced by underwhelming corporate earnings. The benchmark index experienced a 0.6% decrease, impacted by declines in Al Rajhi Bank (0.4%) and Riyad Bank (3.4%). Saudi Tadawul Group also saw a decrease of 0.5% after its annual profit fell short of analysts' expectations. Oil prices experienced a decline on Friday, influenced by geopolitical factors and economic decisions, including discussions between the U.S. and Ukrainian presidents, Washington's new tariffs, and Iraq's decision to resume oil exports from the Kurdistan region. In contrast, Egypt's blue-chip index increased by 0.8%, reversing a four-day losing trend. Commercial International Bank rose by 1.1%, and Fawry for Banking Technology and Electronic Payment increased by 4.4%, following a reported rise in 2024 profit. E-Finance for Digital and Financial Investments also saw gains, finishing 2.7% higher after reporting a significant rise in fourth-quarter profit. Egypt's M2 money supply increased by 32.1% year-on-year in January.