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Sunday, 6 November 2016

MIDEAST STOCKS-Profit-taking hits Gulf equities after oil tumbles | Reuters

MIDEAST STOCKS-Profit-taking hits Gulf equities after oil tumbles | Reuters:

"Profit-taking hit major equity markets across the Gulf in early trade on Sunday after crude oil suffered its biggest weekly percentage decline since January.

Petrochemical shares were the main drag on Saudi Arabia's index, which was down 0.4 percent after 25 minutes. Heavyweight Saudi Basic Industries lost 0.3 percent after Brent oil closed at $45.58 a barrel on Friday, the lowest since Aug. 11.

Banking shares were also weak after enjoying two weeks of strong gains, with the sub-index down 0.3 percent."



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