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Monday, 31 October 2016

MIDEAST STOCKS-Gulf consolidates in early trade, Saudi banks lose steam | Reuters

MIDEAST STOCKS-Gulf consolidates in early trade, Saudi banks lose steam | Reuters:

"Gulf stock markets consolidated in early trade on Monday as Saudi banks, which had led the local bourse up for eight days after Riyadh's sovereign bond sale eased concern about tight liquidity in the economy, lost steam.

The main Saudi stock index, which had gained 9.5 percent during the eight-day rally, edged down 0.03 percent in the first half-hour as the banking sector index fell 0.02 percent.

The biggest lender, National Commercial Bank, continued climbing, however, adding 1.4 percent. On Sunday, it was by far the sector's top gainer, surging 7.7 percent in its heaviest trade since July 2015."



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