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Wednesday, 14 December 2016

MIDEAST STOCKS-Gulf pulls back on caution before expected U.S. rate hike | Reuters

MIDEAST STOCKS-Gulf pulls back on caution before expected U.S. rate hike | Reuters:
"Stock markets in the Gulf retreated on Wednesday in shrinking trading volumes as investors turned cautious ahead of the U.S. interest rate hike and guidance from the U.S. central bank expected late in the day.

Petrochemical shares, which have been dragging Saudi Arabia's main index lower over the last two sessions, fell further. The main index lost 0.6 percent and all but one of the 14 listed petrochemical producers fell. PetroRabigh dropped 3.3 percent.

Many analysts think the Saudi market's uptrend is not reversing but stocks may take an extended breather following a stellar performance over a six-week period which took the index to a one-year high earlier this week."

'via Blog this'