Tuesday 12 May 2015

UPDATE 2-MIDEAST STOCKS-Saudi Arabia slips, but SACO surges on listing | Reuters

UPDATE 2-MIDEAST STOCKS-Saudi Arabia slips, but SACO surges on listing | Reuters:



"Bourses in Saudi Arabia and Egypt slipped in early trade on Tuesday, but retailer Saudi Company for Tools and Hardware (SACO) IPO-TOOLS.SE jumped as it started trading after an oversubscribed initial public offer.



Saudi-led air strikes pounded the Yemeni capital Sanaa on Tuesday, hours before a five-day truce was set to begin between the alliance of Gulf Arab nations and the Iran-allied Houthi militia that controls much of the country.



Yemen concerns lifted Brent oil about 1 percent towards $66 per barrel, but appeared to have dampened the mood of Gulf investors."



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