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Tuesday, 1 November 2016

MIDEAST STOCKS-Saudi banks pull back, Gulf mostly soft | Reuters

MIDEAST STOCKS-Saudi banks pull back, Gulf mostly soft | Reuters:

"Gulf stock markets were mostly slightly lower in quiet trade early on Tuesday as Saudi banks pulled back on profit-taking after a spectacular rally in the past two weeks.

The Saudi stock index rose for nine straight days through Monday, led by banks, after Riyadh's huge international bond issue reduced jitters about the economy's ability to cope with low oil prices and began to ease tight banking system liquidity.

In the first half-hour of trade on Tuesday, however, the index retreated 0.4 percent as the banking sector dropped 0.8 percent."



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