Tuesday 12 January 2016

MIDEAST STOCKS-Petrochemicals drag Saudi to 4-yr low; other mkts slide | Reuters

MIDEAST STOCKS-Petrochemicals drag Saudi to 4-yr low; other mkts slide | Reuters:

"Middle East bourses slumped on Tuesday in a broad sell-off as investors cashed out, with petrochemicals the main drag on Saudi Arabia's index and blue-chips weighing elsewhere.

Brent crude had slipped towards $30 a barrel to a near 12-year low. It then rebounded above $32 after Middle East stock had closed. Oil prices have fallen by almost three-quarters since mid-2014 due to oversupply.

Saudi Arabia's benchmark fell to 1.8 percent to 6,069 points, its lowest close since late 2011 as Monday's rebound proved fleeting."



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