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Thursday, 29 September 2016

MIDEAST STOCKS-Saudi remains weak despite oil rally, rest of Gulf firm | Reuters

MIDEAST STOCKS-Saudi remains weak despite oil rally, rest of Gulf firm | Reuters:

"An overnight rally in oil prices after an OPEC production deal helped lift most Gulf stock markets in early trade on Thursday but Saudi Arabia's bourse contined to drop.

Saudi petrochemical shares, which make up roughly one-quarter of the market's capitalisation, jumped after Brent oil surged over $48 a barrel. The largest producer, Saudi Basic Industries, gained 1.9 percent.

But the main Saudi market index resumed its descent and fell 0.5 percent after 40 minutes of trade, heading for a third day of declines. In the previous two days, it slid 7.1 percent."



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