Most stock markets in the Middle East closed lower on Sunday as global equities fell on Friday due to contagion fears following the collapse of the Silicon Valley bank SVB. The index in Qatar fell 1.6 percent, with nearly all stocks in negative territory, including Qatar Islamic Bank, which fell 3.9 percent. Saudi oil giant Aramco’s share stabilized at the close despite announcing a big profit increase for 2022, with Aramco recording a record annual net profit of $161.1 billion for 2022, up 46 percent year-over-year , on the back of higher oil prices, higher sales volumes and improved margins for refined products. Outside the Gulf region, the Egyptian index of leading stocks fell 3.1 percent, with 28 of the index’s 31 stocks in the red.
