Tuesday 12 July 2011

MIDEAST STOCKS-Global mkts weigh on Gulf, Saudi banks in focus | News by Country | Reuters

Gulf markets came under late selling pressure on Monday weighed down by worries about euro zone debt contagion and overshadowing robust earnings from a key Saudi petrochemicals producer.

European and U.S. stocks fell on Monday and the euro fell across the board on concerns that Italy could be the next debt victim. [MKTS/GLOB]

"You have fears from global markets, you have the seasonal affect of low volumes and Ramadan is coming up, which is a major factor because people are just waiting for the results to come out before they pack up," said a Riyadh-based fund manager who asked not to be identified.


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