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Tuesday, 4 October 2016

MIDEAST STOCKS-Telecoms help Saudi rebound, rest of region quiet | Reuters

MIDEAST STOCKS-Telecoms help Saudi rebound, rest of region quiet | Reuters:

"Strong telecommunications shares helped Saudi Arabia's stock market rebound on Tuesday after steep losses due to the kingdom's austerity policies, while most other Gulf markets moved little.

The Saudi stock index, which had dropped 3.7 percent in the previous two days, climbed 2.0 percent, although trading volume fell, suggesting many investors were not eager to buy into the rally.

The main boost came from unusually heavy trade in the telecommunications sector, after the government said at the weekend that it would provide operators with "unified licences" allowing them to offer full range of services."



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