Wednesday 24 February 2016

MIDEAST STOCKS-Oil's retreat halts Gulf equity rally | Reuters

MIDEAST STOCKS-Oil's retreat halts Gulf equity rally | Reuters:

"Most Middle Eastern stock markets fell on Wednesday after oil prices pulled back sharply, interrupting a rally that had been built to a large extent on hopes that crude had bottomed out.

As Brent crude fell back below $33 a barrel, the Saudi stock index dropped 1.3 percent to 5,942 points, retreating from close to technical resistance at the February and January peaks of 6,056-6,098 points.

The petrochemical sector led the market down with Saudi Basic Industries losing 2.1 percent. Second-tier speculative stocks also tumbled. Saudi Paper, which had jumped 8.1 percent in unusually heavy trade on Tuesday, tumbled 8.1 percent on Wednesday."



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