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Wednesday, 24 August 2016

MIDEAST STOCKS-Gulf drops, Saudi and Dubai hardest hit | Reuters

MIDEAST STOCKS-Gulf drops, Saudi and Dubai hardest hit | Reuters:

"Most major Gulf stock markets fell on Wednesday with few positive factors to spur buying and after Brent crude oil dropped back to just above $49.0 a barrel.

Gulf bourses surged earlier this month as funds returned to emerging markets globally. But that inflow largely seems to have halted, at least for now, and investors are focusing on other factors such as economic slowdowns in the Gulf and the prospect of more austerity steps by governments running deficits.

The Saudi Arabian index closed 1.1 percent lower at 6,028 points after heavy selling in the final half-hour, falling below minor technical support on the April low of 6,066 points. Earlier this week the index broke major support on its early August low of 6,226 points, turning it medium-term bearish."



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