On Wednesday, Saudi Arabia’s stock market extended losses from the previous session on falling oil prices and mixed corporate earnings, while the Egyptian index outperformed the region. Saudi Arabia’s benchmark index fell 0.7%, hit by a 1.7% fall in oil giant Saudi Aramco as the stock traded ex-dividend. While, Egypt’s blue-chip index jumped 4.5%, buoyed by a 11.4% surge in Commercial International Bank. Oil prices, a key catalyst for the Gulf’s financial markets, slipped after industry data showed US crude stockpiles rose more than expected and on concerns a rebound in COVID-19 cases in top importer China would hurt fuel demand.
