Wednesday 23 May 2012

STOCKS NEWS MIDEAST-Heavyweights drag Saudi; halts 3-day rally - Yahoo! News Maktoob

Saudi Arabia's heavyweights drag down the bourse, halting a three-day rally on investor concerns European leaders will be able to find a quick resolution to the bloc's debt crisis.
The index drops 0.6 percent to 7,061 points.
Heavyweight Al Rajhi Bank sheds 1 percent, Saudi Electricity slips 0.4 percent and Samba Financial Group eases 0.2 percent.
Developer Dar Al Arkan, the most traded stock on the index, rises 1.4 percent, bucking the downbeat trend after it said it would sell part of a residential project for 741.7 million riyals ($197.77 million) to chemicals giant Saudi Basic Industries Corp (SABIC).

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