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Monday, 10 October 2016

MIDEAST STOCKS-Saudi stabilises, Gulf moves sideways in early trade | Reuters

MIDEAST STOCKS-Saudi stabilises, Gulf moves sideways in early trade | Reuters:

"Saudi Arabia's stock market stabilised early on Monday after a sharp fall on the previous day, while other Gulf stock markets largely moved sideways in quiet trade.

The Saudi stock index, which had tumbled 2.2 percent on Sunday as banking shares dropped because of concern about the impact of government austerity policies on their balance sheets, was flat after 45 minutes of trade on Monday. The banking sector index edged up marginally.

Qassim Cement dropped 3.2 percent after reporting a 29 percent year-on-year drop in third-quarter net profit, citing lower demand for cement as well as cost increases due to cuts in state subsidies for electricity and fuel."



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